Atalaya Mining Regulatory News (ATYM)

23 Mar 2009 08:32



AIM: EMED 23 March 2009

RESULT OF EGM

SHAREHOLDER APPROVAL OF CONVERTIBLE LOAN FACILITY,

RESTRUCTURING OF EXISTING FACILITY AND INCENTIVE OPTIONS

EMED Mining Public Limited (the "Company") is pleased to announce that its shareholders approved both resolutions proposed at its Extraordinary General Meeting today. These resolutions dealt with:

increasing authorized capital by the creation of 300 million ordinary shares, and

authorizing the issuance of ordinary shares, in due course, related to the previously announced $8.5 million (£5.6 million) Convertible Loan Facility with Resource Capital Fund IV LP ("RCF") and RMB Australia Holdings Limited ("RMB"), restructuring the existing convertible loan with YA Global Investments LLP and issuing incentive options to Directors and employees.  

Pursuant to the agreed arrangements for the Convertible Loan Facility (a conditional secured term financing agreement with rights of conversion to ordinary equity), the Company has allotted, conditional on admission to trading on AIM, a total of 3,785,274 ordinary shares in the Company to RCF and RMB as satisfaction of the US$212,500 establishment fee for the facility. It is anticipated that these new ordinary shares will be admitted to trading on AIM on 26 March 2009.  The other conditions precedent for drawdown of the Convertible Loan Facility, including security arrangements, continue to be progressed by the Company and a further announcement will be made when these have been met.

The Managing Director's presentation to shareholders at today's Extraordinary General Meeting will now be uploaded to the Company's website at www.emed-mining.com. 

Managing Director Mr Harry Anagnostaras-Adams said: "It is pleasing that our Company maintains access to capital notwithstanding the global financial crisis. This reflects our careful management of our assets, people and shareholders. We particularly appreciate the support of shareholders RCF and RMB in offering this facility; and we continue to implement our business plan which is focused on the objectives of starting copper production at the Rio Tinto Mine in 2010, subject principally to permitting and the continued recovery of the forward copper price, and then to move on to the development of the Detva Gold Project." 

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