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11 Feb 2010 07:00
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
For immediate release
11 February 2010
African Minerals Limited
("African Minerals", "AML" or the "Company")
Underwritten Cash Placing to raise £80 million (approximately US$130million)
African Minerals Limited (AIM:AMI), the mineral exploration and development company with significant iron ore and base metal interests in Sierra Leone, West Africa, is pleased to announce that further to its press announcement of 21 January 2010, the conditions precedent to the cash placing to raise a gross amount of £80 million, (the "Placing"), in which a total of 20,000,000 new common shares of $0.01 each in the Company (the "New Shares") were placed with institutional investors at a price of 400 pence per share (the "Placing Price"), have been fulfilled in all respects save admission of the New Shares to trading on AIM.
Application has been made and the New Shares are expected to be admitted to trading on AIM with effect from 8:00am today, 11 February 2010.
Dundee Securities Corporation, GMP Securities L.P., Macquarie Capital Markets Canada Ltd. and Mirabaud Securities LLP acted as underwriters for the Placing.
The CRM Option, as described in the announcement of 21 January 2010, remains in place and unexercised as at today's date. Under the CRM Option, AML agreed to grant China Railways Materials Commercial Corporation ("CRM") an option, exercisable for 60 days from 21 January 2010, to subscribe in cash for up to 2.88 million new common shares at the Placing Price (circa £11.5m), representing approximately 14.4% of the Placing or 1.23% of the enlarged share capital following the admission of the New Shares.
Following the admission of the New Shares, excluding the exercise of the CRM Option, the Company now has 233,639,654 common shares in issue.
Commenting on the Placing, Frank Timis, Executive Chairman of African Minerals said:
"We are delighted with the results of the Placing and we look forward to expediting the construction of critical infrastructure required for the first phase of production at our flagship iron ore project at Tonkolili."
Enquiries:
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African Minerals Limited |
Tel: +44 (0) 1481 726833 |
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Frank Timis |
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Alan Watling |
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Canaccord Adams Limited |
Tel: +44 (0) 20 7050 6500 |
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Robert Finlay |
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Mike Jones |
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Mirabaud Securities Limited |
Tel: +44 (0) 20 7878 3360 |
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Rory Scott |
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Pav Sanghera |
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Pelham Bell Pottinger |
Tel: +44 (0) 20 7337 1500 |
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Charles Vivian |
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Klara Kaczmarek |
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Notes:
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1. This announcement does not constitute an offer to sell or issue, or the solicitation of an offer to buy or subscribe for Placing Shares in any jurisdiction including, without limitation, the United Kingdom, the United States, Australia, or Japan. This announcement and the information contained herein is not intended for publication or distribution, directly or indirectly, to persons in the United States, Australia, Japan or in any jurisdiction in which such publication or distribution is unlawful.
2. The securities referred to above having been sold, this announcement appears as a matter of record only. This announcement is not an offer of securities for sale in the United States. The securities referred to in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States in the absence of registration or an applicable exemption from the registration requirements of the US Securities Act of 1933. AML has no intention of making a public offering of the securities referred to in this announcement in the United States.
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