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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
26th Nov 20099:07 amRNSFinal Results
10th Nov 20097:00 amRNSPlacing
14th Oct 20097:00 amRNSDirector Shareholding
13th Oct 20097:00 amRNSFurther grant of mining rights
6th Oct 20099:00 amRNSDirector Shareholding
1st Oct 20097:00 amRNSKabwe Dumps Acquisition Update
31st Mar 20092:00 pmRNSInterim Results
30th Jan 200912:14 pmRNSAGM Statement
30th Dec 200812:00 pmRNSFinal Results
16th Dec 20087:00 amRNSPositive Assay Results
24th Jul 20081:36 pmRNSTotal Voting Rights
8th Jul 20087:00 amRNSZambian Mining & Processing R
27th Jun 20085:00 pmRNSStatement re: Share Price Mov
28th Mar 20087:01 amRNSInterim Results
6th Mar 200812:53 pmRNSChange of Name
13th Feb 20082:24 pmRNSGeneral Meeting
21st Dec 20073:22 pmRNSFinal Results
20th Nov 20072:04 pmRNSDirector/PDMR Shareholding
19th Nov 200710:22 amRNSHolding(s) in Company
9th Nov 20073:00 pmRNSHolding(s) in Company
9th Nov 20077:01 amRNSNew Activity / Funds raised
26th Oct 200710:35 amRNSHolding(s) in Company
5th Sep 20071:55 pmRNSHolding(s) in Company
20th Aug 20077:01 amRNSAIM Rule 26
30th Jul 200711:25 amRNSCompany Update
4th May 20071:57 pmRNSBoard Change
29th Mar 20071:14 pmRNSInterim Results
27th Mar 20071:50 pmRNSVoice Quality Software Stack
29th Dec 200611:25 amRNSPreliminary Results
22nd Dec 20069:59 amRNSTotal Voting Rights
24th Nov 20067:00 amRNSProduct Launch
23rd Nov 20067:00 amRNSConference Attendance
11th Sep 20067:01 amRNSVoice Quality Software
5th Jul 20068:00 amRNSICB Reclassification
31st Mar 20064:09 pmRNSInterim Results
6th Mar 200612:40 pmRNSSale of shareholding
21st Feb 20067:00 amRNSRe: Licensing Agreement
27th Jan 200611:12 amRNSAGM Statement
27th Jan 200611:09 amRNSRe: Placement of shares
23rd Dec 200512:03 pmRNSAnnual Report and Accounts
22nd Dec 200512:00 pmRNSFinal Results
29th Nov 20057:00 amRNSRe Joint Venture
3rd Oct 20057:00 amRNSContract Update
3rd Oct 20057:00 amRNSRe Contract
25th Jul 20054:02 pmRNSHolding(s) in Company
11th Jul 20057:00 amRNSIssue of Equity
27th Jun 20057:00 amRNSNew Contract Awarded
16th Jun 20057:00 amRNSC3 Product Delivery completed
10th Jun 200512:30 pmRNSGrant of Share Options
31st May 20059:00 amRNSTechnology Supply Agreement

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