Atalaya Mining Regulatory News (ATYM)

14 Sep 2007 12:58

EMED Mining Public Limited14 September 2007 AIM: EMED 14 September 2007 EMED Mining Public Limited Raises £3.3 million net Signs Funding Agreement and Appointment of joint broker Placing of New Ordinary Shares EMED Mining Public Limited ("EMED Mining" or "the Company") has todayconditionally placed 20,588,000 new ordinary shares of 0.25 pence each par value("New Ordinary Shares") at an issue price of 17 pence each ("Placing Price")with existing and new shareholders. The Placing will raise £3.5 million gross(£3.3 million net after associated expenses) and is conditional upon admissionto trading on AIM of the New Ordinary Shares. Application is being made for theNew Ordinary Shares to be admitted to AIM and it is expected that Admission willbe effective and that the Placing will be completed on 21st September 2007. Investors include Oxiana, Gold Fields, Fidelity International, YorkvilleAdvisors LLC, RMB Australia Holdings Limited and Resource Capital Funds. FoxDavies Capital Limited acted as broker in relation to the Placing, and willreceive a commission and warrants to subscribe for 910,520 New Ordinary Sharespursuant to the Placing. The funds raised will allow continued exploration of the porphyry gold discoveryat Biely Vrch in Slovakia along with further progress with the potentialacquisition in Spain of Proyecto de Rio Tinto ("PRT") where EMED Mining's localsubsidiary continues to increase Mineral Resources and Ore Reserves. Thepotential restart of PRT, at a planned base case production rate of 40,000tpa(after ramp-up) of contained copper, remains subject to the satisfaction ofconditions precedent, principally the granting of regulatory consent by theJunta de Andalucia. Establishment of £10 million Standby Facility available for 3 years The Company also entered into a £10.0m Standby Equity Distribution Agreement("SEDA") with Yorkville Advisors, LLC, as the Investment Advisor to YA GlobalInvestments, L.P. ("Yorkville"), which enables the Company, at its discretionduring the next 3 years, to draw down funds under the SEDA in small tranches asand when it deems appropriate and in accordance with restrictions set by theterms of the Agreement. The financial capacity provided by the SEDA reflects EMED Mining's strategy formaintaining rapid business growth while preserving the opportunity to optimisefinancing methods. Yorkville has provided such facilities to other companies inthe natural resources sector, including Fortescue Metals Group (ASX), UnitedFiber Systems (SGX) and Petra Diamonds (AIM). Appointment of Joint Broker The Board of EMED Mining is pleased to announce that it has appointed PanmureGordon (UK) Limited ("Panmure Gordon") as its Joint Broker with immediateeffect. Panmure Gordon, through its Appointed Representative GMP SecuritiesEurope LLP, has been appointed because of its strength in the natural resourcessector. Mr Harry Anagnostaras-Adams, Managing Director of EMED Mining said: "EMED Miningcontinues to make preparations for the restart of PRT in Spain, if allconditions precedent are satisfied later this year. We also wish to continuefast-tracking the drill-out of our gold porphyry discovery in Slovakia." -Ends- Enquiries EMED Mining Fox-Davies Capital RFC Corporate Parkgreen Finance CommunicationsHarry Richard Hail Stuart Laing Justine HowarthAnagnostaras-Adams+357 9945 7843 +44 (0)207 936 5230 +618 9480 2500 +44 20 7851 7480www.emed-mining.comwww.emed.tv GMP Securities Europe LLP, an Appointed Representative of Panmure Gordon (UK)Limited Telephone +44 (0) 20 7459 3606 James Hannon New Funding Agreement The Company has today entered into a Standby Equity Distribution Agreement("SEDA") with Yorkville Advisors, LLC, as the Investment Advisor to YA GlobalInvestments, L.P. ("Yorkville"). The principal features of the SEDA are as follows: 1 The maximum aggregate amount of the equity line is £10,000,000 and EMED Mining is entitled to draw down the equity credit line intranches of up to £250,000 at its option but not more frequently than every 21 days. This may increase to 35 days in certain circumstances. 2 The facility is for 36 months and is exercisable at any time other than when the Company is in possession of unpublished price sensitiveinformation, or at any time it has become reasonably probable that suchinformation will be required by the AIM rules to be notified. 3 The Company may at its option state in a notice to Yorkville the minimum market price which it wishes to accept in relation to an advance under the SEDA. Subject to compliance with the minimum market price setby the Company, Yorkville will subscribe for new Ordinary Shares (at a discountof five per cent) at the lowest volume-weighted average price (as derived fromBloomberg) (the "VWAP") of the five trading days following EMED Mining's noticeto Yorkville for it to subscribe for new Ordinary Shares. 4 Yorkville has agreed that it will not and will procure that itsaffiliates will not during such a five day pricing period sell, transfer, grantany option over or otherwise dispose of the legal, beneficial or any otherinterest in any Ordinary Shares, or agree to do so. Yorkville has also agreedthat it shall not and shall procure that none of its affiliates shall during the36 month period of the SEDA enter into any contracts for the sale of OrdinaryShares in excess of the total number of Ordinary Shares which Yorkville and itsaffiliates own (including Ordinary Shares in respect of which EMED Mining hasgiven a notice to Yorkville). 5 Yorkville may not refuse a notice by EMED Mining to subscribe for newOrdinary Shares provided that each time notice is given the pre-conditions havebeen met, which includes a requirement that warranties given by the Company havenot been materially breached. 6 There are no restrictions placed on EMED Mining's access to otherfunding during the term of the agreement 7 There is a fee payable to Yorkville of five percent of the amount of each tranche. 8 EMED Mining will also pay Yorkville an Implementation Fee of £350,000for the credit line (which can be satisfied in two tranches of 50% each eitherin cash or in ordinary shares, with the number of such shares being calculatedas £175,000 divided by the VWAP for the trading day immediately prior to thedate of signing of the SEDA in the case of the first tranche, and in the case ofthe second tranche £175,000 divided by the VWAP for the earlier of (i) the fifthtrading day after the notice date which results in the Company having givennotice for advances of £750,000 or more; and (ii) the day before the firstanniversary of the date of the SEDA agreement. 9 There are no warrants or any other attached instruments to the issue of the shares arising from each put by EMED Mining. Further Information about Share Issue As part of the SEDA, the Company has agreed to issue 1,030,109 New OrdinaryShares to Yorkville (being the first tranche of the implementation fee due underthe SEDA). The new ordinary shares to be issued to Yorkville are expected to be admitted totrading on AIM on 21 September 2007. The new ordinary shares will rank paripassu with the existing shares of the Company. Following this allotment and theallotment of the Placing Shares, the total issued share capital of the Companywill increase to 147,928,542 ordinary shares. Notes to Editors: About EMED Mining Public Limited EMED Mining was admitted to trading on AIM in May 2005 following a placing ofits shares. The Company is based in Cyprus and has a strong commitment toresponsible development of metal production operations in Europe, with aninitial focus on copper and gold. The Company has moved rapidly reflecting the experience of its specialist teamand the clarity of its strategy. The Group's region of interest are the tectonic belts spanning across Europe andover to Iran. The strategy is to evaluate exploration and developmentopportunities in several jurisdictions throughout this quality mineral belt andto promote sustainable development practices through implementation of EuropeanUnion and other leading-edge international standards. EMED Mining recentlyco-hosted with the Green Party of Cyprus an international conference onResponsible Mining and Environmental Management. The Company has, from theoutset, strictly implemented its Environmental & Community Policy whichincludes: • Integrating environmental management into our business, planning and reporting processes. • Promoting a strong environmental ethic throughout the Company and the community. • Complying with, as a minimum, all applicable local and European Union laws and regulations. • Communicating with community stakeholders in a responsible and transparent manner. EMED Mining has now established a strong position in the following selectedzones: • Spain/Cyprus The mines at Rio Tinto, Andalucia, Spain are probably amongst the best known in the world. They are, with the possible exception of those in Cyprus, the oldest capable of still being worked. It is now EMED Mining's goal to restart production in both of these well-endowed mining districts. Both Spain and Cyprus are progressive members of the European Union and EMED Mining has been made to feel welcome in both host countries. The styles of mineral deposits and of production techniques are similar. • Slovakia exploration areas are centred on a cluster of volcanic centres in Slovakia and Romania. Low-detection geochemical methods are being applied to these areas for the first time together with open pit bulk mining concepts. The targeted mineralisation styles are high-grade epithermal gold, or bulk-mineable epithermal gold and porphyry copper-gold. The Company has discovered a porphyry gold system at Biely Vrch in Central Slovakia which is the focus of a major drilling program over 2007. • Georgia exploration areas form a cluster of gold prospects with EMED Mining's main prospects being within the Upper Racha Licence, the country's largest minerals licence with many untested prospects. The Company has confirmed Russian Resources of 1.0 million ounces gold at the Zopkhito Prospect and discovered high grade mineralisation at surface at other prospects. • Turkey exploration areas were vended into 34%-owned KEFI Minerals Plc which was admitted to AIM in December 2006. KEFI Minerals owns carefully selected licence areas in Turkey, as well as an extensive proprietary database of regional and specific exploration data providing a pipeline of further projects to evaluate. The KEFI Minerals team has mobilized into the field to explore the company's tenements and to expand the portfolio of licenses as opportunities warrant. See www.kefi-minerals.com. For further information on the Company's activities, visit www.emed-mining.comor www.emed.tv . This information is provided by RNS The company news service from the London Stock Exchange