Asa Resources Regulatory News (ASA)

17 September 2013

Mwana Africa PLC

("Mwana" or the "Company")

Subscription and Placing to raise approximately US$2.8m

Following the announcement on 5 September 2013 in which the Company announced it had raised approximately US$3.2 million (£2.1 million), Mwana is pleased to announce that it has raised a further US$2.8 million (£1.8 million) through a subscription and placing of 112,580,059 ordinary shares by a combination of new investors and existing shareholders of the Company at a price of 1.57p (the "Transaction Shares")(together the "Transaction"). China International Mining Group Corporation ("CIMGC") has subscribed for 11,728,543 of the Transaction Shares and Mr Ning Yat Hoi has subscribed for 21,271,457 Transaction Shares. The remaining 79,580,059 Transaction Shares were taken up by existing shareholders and new investors. The placing element of the Transaction is being carried out by Liberum Capital Limited and Peel Hunt LLP as joint brokers to the Company.

The net proceeds from the Transaction will provide working capital to accelerate the development of its assets. The Transaction price of 1.57p per ordinary share is the same price as that of the subscription announced on 5 September 2013 and represents a 4.85% discount to the closing mid-market price as at close of business on 16 September 2013.

CIMGC, following its rights, has subscribed for 11,728,543 Transaction Shares and is currently a substantial shareholder in the Company, as defined by the AIM Rules for Companies ("AIM Rules"). CIMGC is therefore deemed to be a related party of the Company for the purposes of the AIM Rules. Ning Yat Hoi, following his rights, has subscribed for 21,271,457 Transaction Shares. He is currently the chairman of CIMGC and a director of the Company, and is therefore also deemed to be a related party of the Company for the purposes of the AIM Rules. With the exception of Ning Yat Hoi who is involved in the transaction as a related party and Mr. Hu who is also connected to CIMGC, the Mwana Directors consider, having consulted with Liberum Capital Limited in its capacity as the Company's nominated adviser, that the terms of the subscriptions by CIMGC and Ning Yat Hoi are fair and reasonable insofar as the shareholders of the Company are concerned.

Following the Transaction, CIMGC will hold 299,424,282 ordinary shares and Ning Yat Hoi will hold 106,709,262 ordinary shares, representing 22.0 per cent and 7.8 per cent of the Company's enlarged issued ordinary share capital respectively. Following the Transaction, Ning Yat Hoi will thus be interested in 406,133,544 ordinary shares in the Company which will represent 29.87 per cent. of the Company's total voting rights after completion of the Transaction.

Application has been made for admission of the Transaction Shares to trading on AIM ("Admission") and it is expected that Admission will take place and that trading will commence on AIM at 8.00 a.m. on 20 September 2013. The Transaction Shares, which comprise 109,913,459 new ordinary shares to be allotted and 2,666,600 existing ordinary shares being acquired out of treasury, are being placed pursuant to the Company's existing authorisation levels as approved by shareholders at its last AGM on 14 September 2012.

In accordance with the Financial Services Authority's Disclosure and Transparency Rules ("DTR"), the total issued share capital of the Company with voting rights on Admission will be 1,359,895,227 ordinary shares and none held in treasury.

Mark Wellesley-Wood, Non-Executive Chairman of Mwana Africa PLC, said: "Following our success earlier in September in raising an initial amount of $3.2m, I am delighted with the support shown for Mwana's strategy. With the working capital shortfall addressed, the focus can now shift to improving the efficiency and cost competitiveness of the Company's operations."

For further information contact:

Mwana Africa PLC Tel: +44 (0)20 7654 5580

Mark Wellesley-Wood (Non-Executive Chairman)

Kalaa Mpinga (CEO)

Nominated Adviser and Broker

Liberum Capital Limited Tel: +44 (0)20 3100 2000

Tom Fyson / Ryan de Franck

Joint Broker

Peel Hunt Tel: +44 (0)20 7418 8900

Richard Crichton / Matthew Armitt

Public & Investor Relations

Tavistock Communications Tel: +44 (0)20 7920 3150

Ed Portman / Mike Bartlett / Simon Hudson

About Mwana Africa PLC

Mwana Africa PLC is a pan-African, multi-commodity mining and development company. Mwana's principal operations and exploration activities cover gold, nickel, copper and diamonds in Zimbabwe, the DRC and South Africa.

Mwana's Freda Rebecca gold mine in Zimbabwe, having restarted operations in 2009, produced 65,350 ozs of gold in the 12 months to March 2013.

In February 2013, Mwana announced that the gold mineral resource at its Zani Kodo project in Democratic Republic of Congo had increased to 2.6 million ounces.

In February 2013, Mwana announced it had signed a Joint Venture Agreement with Zhejiang Hailiang Company Limited to jointly explore some of its copper license areas in the Katanga Province of the DRC.

The restart of operations at The Trojan Nickel Mine (owned by Mwana's Zimbabwe subsidiary Bindura Nickel Corporation ("BNC")) followed four years during which all of the BNC assets were on care and maintenance. In September 2012, BNC carried out a restructuring and recapitalisation involving US$23m being invested into BNC which has allowed it to restart the Trojan mine. First sale of concentrate to Glencore took place in April 2013.