Last checked at 12 Aug 2009 08:45
AIM: EMED 12 August 2009
RESULT OF EGM
SHAREHOLDER APPROVAL OF £2.9 MILLION PLACING,
REPAYMENT OF LOAN FACILITY TO REDUCE DILUTION
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:
authorizing the issuance of 38,170,001 new ordinary shares related to the previously announced £2.9 million placing to be admitted to trading on AIM on 14 August 2009
The proceeds of the Placing will allow the Company to expand permitting activities at the Proyecto de Rio Tinto project in Andalucía, Spain (the "Rio Tinto Mine") in accordance with the requirements and suggestions of the regulatory authorities. Significant progress has been made over recent months and the Company is enjoying a collaborative professional relationship with the authorities.
The funds raised will also be used for the early repayment of the convertible loan with YA Global Investments of approximately £1.4 million. This will avoid the previously announced and anticipated shareholder dilution at the loan conversion price of 4.1 pence. On Admission the Company will have 307 million ordinary shares in issue and fully-diluted share capital will remain at the same level of approximately 519 million shares (including shares, convertible loans and incentive options) notwithstanding the increased cash on hand.
In addition to the above, the Company will apply the Placing proceeds to fund its on-going drilling programme in Slovakia and for general working capital purposes.
Managing Director Mr. Harry Anagnostaras-Adams said: "We are pleased with progress being made in relation to the permitting process for the restart of mining at Proyecto de Rio Tinto. We have been working in conjunction with the local authorities and real progress is being made towards the restart of mining. This funding will allow us to continue towards our goals of restarting production at the Rio Tinto mine and further developing our gold prospects in Slovakia where we are completing the scoping study on the potential gold mine development to follow after the proposed copper start-up in Spain."
Enquiries
| EMED Mining | Fox-Davies Capital | RFC Corporate Finance | Bishopsgate Communications |
| Harry Anagnostaras-Adams | Jason Bahnsen | Stuart Laing | Nick Rome |
| +357 9945 7843 | +44 (0)207 936 5230 | +618 9480 2500 | +44 (0)207 562 3350 |
Notes to Editors: About EMED Mining Public Limited
EMED Mining was admitted to trading on AIM in May 2005. The Company is based in Cyprus and has a strong commitment to responsible development of metal production operations in Europe, with an initial focus on copper and gold.
The Group's region of interest are the tectonic belts spanning across Europe and over to the Middle East. The strategy is to evaluate exploration and development opportunities in several jurisdictions throughout this quality mineral belt and to promote sustainable development practices through the implementation of European Union and other leading-edge international standards. The Company strictly implements its Environmental & Community Policies which includes:
Integrating environmental management into its 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 selected zones:
Exploration areas in Slovakia are centred on a cluster of volcanic centres. Low-detection geochemical methods are being applied to these areas for the first time together with open-pit bulk mining concepts. The principal targeted mineralisation style is low-grade, bulk-mineable porphyry gold. The Company has announced a significant gold discovery at Biely Vrch and the identification of many targets with apparently similar geological characteristics, in its wholly-owned exploration licenses in Central Slovakia.
The mines in Cyprus and those at Rio Tinto in Spain located in the Iberian Pyrite Belt, are probably among the best known in the world for their base metal endowment. EMED Mining's goal is to restart copper production at its projects in both of these well-endowed, historical 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 production techniques are similar in both mining districts.
Exploration areas in Turkey were vended into 32%-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. It is the operator of joint ventures in Turkey with Centerra Gold Inc of Canada and in the Kingdom of Saudi Arabia with local construction and investment group ARTAR. See www.kefi-minerals.com.
For further information on the Company's activities, visit www.emed-mining.com or www.emed.tv.