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Further placing to raise ?0.275 million

17 Aug 2010 10:01

RNS Number : 1840R
Berkeley Mineral Resources PLC
17 August 2010
 



 

Berkeley Mineral Resources Plc

("BMR" or "the Company")

 

 

Further placing to raise £0.275 million

 

Further to the announcement made on 13 August 2010, Berkeley Mineral Resources Plc, an AIM listed company engaged in the reprocessing of tailings dumps at Kabwe in Zambia, announces that it has conditionally raised a further £275,000 before expenses by way of a placing of 18,333,333 new ordinary shares at a price of 1.5p per share ("Placing"). For every two placing shares subscribed, the placees are being issued a warrant exercisable at 3p.

 

This Placing is conditional on the Company securing the rights to process the remaining tailings dumps acquire at the Kabwe Mine in Zambia, as previously announced on 1 June 2010.

Application has been made to the London Stock Exchange for the 18,333,333 new ordinary shares to be admitted to trading on AIM and it is expected that dealings will commence on AIM in the new ordinary shares on 20 August 2010.

The Company also announces that South African-based company, Dorset Solutions Ltd ("DSL"), which assisted BMR in securing the option to secure the rights at Kabwe, has agreed to delay the admission to trading on AIM of 80,000,000 shares that BMR has agreed to issue to DSL until after the next general meeting of BMR.

Following completion of the Placing, the Company will have 520,784,196 shares in issue.

Contacts:

 

Masoud Alikhani, Chairman, Berkeley Mineral Resources 020 7408 1181

 

Jonathan Wright, Seymour Pierce 020 7107 8000

 

Michael Padley / Gary Middleton, Lothbury Financial Services 020 7868 2010

 

 

Notes to editors

 

BMR is a minerals company with a primary strategy of investing in tailings processing. By accessing dump deposits with known grades and metallurgy, it avoids exploration or mining costs, has a secure licence and fixed environmental criteria, and can produce concentrates according to viability at current market prices.

 

The Kabwe deposits, located approximately 110km north of the Zambian capital Lusaka, were discovered in 1902. From 1906, Kabwe was a significant mine. By the time it closed in 1994, due to depletion of the massive sulphide mineralisation and lowered metal prices, it had produced about 1.8m tonnes of zinc, 800,000t of lead, 7,800t of vanadium pentoxide and lesser quantities of cadmium, silver and copper. After closure, most of the mine complex was sold off on a piecemeal basis. Berkeley's project is part of an overall plan to re-assemble the Kabwe site into a single entity operating under a single Large Scale Mining Licence.

 

The waste dumps at Kabwe cover an area of about 1km² and contain over 7m tons of various waste residues with an estimated combined metal content of 455,000t zinc and 368,500t lead.

 

BMR benefits from the existing infrastructure at Kabwe, including processing plant, good roads, water supply, ample power, local labour and direct on-site sidings connection to overseas markets via international railways to South Africa and to Indian Ocean ports.

 

 

 

For further information please see the Company's website at http://www.bmrplc.com

 

The directors of Berkeley Mineral Resources accept responsibility for this announcement.

 

 

 

 

 

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IOEEAPPXFSNEEEF
Date   Source Headline
15th Aug 20114:25 pmRNSHolding(s) in Company
15th Aug 20117:00 amRNSDirector/PDMR Shareholding
28th Jul 20117:00 amRNSKabwe JORC Results
14th Jul 20117:00 amRNSOptions to Acquire Further Kabwe Assets Exercised
1st Jul 20117:00 amRNSLuanshya Update
30th Jun 20114:36 pmRNSHolding(s) in Company
28th Jun 20117:00 amRNSHolding(s) in Company
27th Jun 20117:00 amRNSComment re Price Movement
22nd Jun 20117:00 amRNSAcquisition of Kabwe Tailings Completed
10th Jun 20117:00 amRNSKabwe Due Diligence Completed
11th May 20117:00 amRNSProposed Placing & Acquisition
4th May 20117:00 amRNSLuanshya Memorandum of Understanding
26th Apr 20117:00 amRNSDirectorate Change
8th Apr 20117:00 amRNSDirectors Share Dealing
7th Apr 20117:00 amRNSDirectors Share Dealings
31st Mar 20117:00 amRNSInterim Results
28th Mar 20117:00 amRNSKabwe Acquisition Agreement Signed
14th Jan 20117:00 amRNSBoard Change
17th Dec 20102:00 pmRNSResult of AGM
17th Dec 20107:00 amRNSAGM Statement
16th Dec 20109:30 amRNSChange of AGM Venue
13th Dec 20107:00 amRNSAcquisition Update
26th Nov 20107:00 amRNSPreliminary Results
18th Nov 201011:35 amRNS£6.6m placing and TVR
10th Nov 201012:40 pmRNSComment re Price Movement
5th Nov 20101:05 pmRNSAcquisition
2nd Nov 20107:00 amRNSIssue of Equity and Exercise of Warrants
28th Oct 20107:00 amRNSIssue of Equity
26th Oct 201012:53 pmRNSIssue of Equity and Exercise of Warrants
26th Oct 201012:53 pmRNSIssue of Equity and Exercise of Warrants
7th Oct 201010:26 amRNSAppointment of Broker
4th Oct 20107:00 amRNSPlacing to Raise ?850,000
8th Sep 201011:11 amRNSResult of Meeting
6th Sep 20109:00 amRNSHolding(s) in Company
31st Aug 201012:23 pmRNS?2.05m Placing & Issue of Equity
23rd Aug 20107:00 amRNSNotice of EGM
19th Aug 201011:34 amRNSFurther re Placing
17th Aug 201010:01 amRNSFurther placing to raise ?0.275 million
13th Aug 20107:00 amRNSPlacing to raise ?2m for Kabwe tailings dumps acqn
27th Jul 20109:02 amRNSChange of Registrar
27th Jul 20107:00 amRNSUpdate on Kabwe Tailings
1st Jun 20107:00 amRNSOption on Kawbe Tailings Dumps Secured
28th Apr 20103:52 pmRNSIssue of Equity
27th Apr 201011:25 amRNSHolding(s) in Company
16th Apr 20104:21 pmRNSHolding(s) in Company
12th Apr 201010:33 amRNSIssue of Equity
7th Apr 20107:00 amRNSPlacing
31st Mar 20107:00 amRNSInterim Results
22nd Mar 20107:00 amRNSKabwe Progress Update
18th Dec 200911:30 amRNSAGM Statement

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