Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBerkeley Mineral Resources Regulatory News (BMR)

  • There is currently no data for BMR

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Placing to Raise ?850,000

4 Oct 2010 07:00

RNS Number : 7532T
Berkeley Mineral Resources PLC
04 October 2010
 



 

Berkeley Mineral Resources Plc

("BMR" or "the Company")

 

 

PLACING & ISSUE OF EQUITY

TOTAL VOTING RIGHTS

 

Berkeley Mineral Resources Plc, a company engaged in the reprocessing of tailing dumps at Kabwe in Zambia, announces that it has raised a total of £850,000 before expenses by way of a Placing of 42,500,000 new ordinary shares at a price of 2p per share (the "Placing Shares").

 

These funds have been raised primarily to accelerate the development of the processing of the tailings dumps at Kabwe Mine in Zambia once the Company has completed their acquisition.

In addition, 937,500 shares have been issued in lieu of commission payable in respect of the placing (the "Commission Shares").

The Placing Shares and Commission Shares will rank pari passu with all existing Ordinary Shares in the capital of the Company. Application has been made for the Placing Shares and the Commission Shares to be admitted to trading on AIM ("Admission"). Admission is expected to commence on 7 October 2010, when the enlarged issued share capital of the Company will total 549,221,696 Ordinary Shares (the "Enlarged Share Capital").

 

Following the Placing, the above figure of 549,221,696 Ordinary Shares may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Berkeley Minerals Resources under the Financial Service Authority's Disclosure and Transparency Rules.

 

Masoud Alikhani, Chairman of Berkeley Mineral Resources Plc, commented:

 

"These funds will allow BMR to accelerate the work at Kabwe and to generate cashflow immediately we complete the purchase of the tailings which we expect to be in the near future".

 

Contacts:

 

Masoud Alikhani, Chairman, Berkeley Mineral Resources 020 7408 1181

 

Stewart Dickson / 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
 
 
MSCQFLFBBBFBFBZ
Date   Source Headline
9th Sep 20137:00 amRNSKabwe Washplant DFS
22nd Aug 20137:00 amRNSDFS Draft Received
9th Aug 20137:00 amRNSWarrant Amendment
5th Aug 20137:00 amRNSKabwe Update: Production 2013
12th Jun 20137:00 amRNSCopper Plant Acquisition: Production Q3
25th Apr 20137:00 amRNSPre-Feasibility Notice
24th Apr 20137:00 amRNSWarrant Amendment
28th Mar 20132:00 pmRNSInterim Results
12th Mar 20137:00 amRNSKabwe Update
19th Feb 20137:00 amRNSChange of Adviser
4th Feb 20137:00 amRNSNdola Copper Update
28th Jan 20137:00 amRNSAscot Technical Team In Zambia
21st Dec 201212:30 pmRNSResult of AGM
21st Dec 20127:00 amRNSAGM Statement
20th Dec 201212:00 pmRNSDirectors' Share Dealings
19th Dec 201212:15 pmRNSDirectors' Share Dealings
18th Dec 20123:09 pmRNSDirectors' Share Dealings
14th Dec 20124:31 pmRNSDirectors' Share Dealings
13th Dec 201210:00 amRNSDirectors' Share Dealings
11th Dec 20127:00 amRNSASCOT Appointment
29th Nov 20124:30 pmRNSNotice of AGM
29th Nov 20127:00 amRNSPreliminary Results
6th Nov 20127:00 amRNSUpdate on Feilong Progress
25th Oct 20127:00 amRNSWarrants Amendment
24th Oct 20127:00 amRNSCopper Joint Venture Established
12th Oct 20128:30 amRNSChange of Registered Office
13th Sep 201210:08 amRNSFeilong MOU Update
17th Aug 20127:00 amRNSKabwe: remaining assets acquired
10th Aug 20122:00 pmRNSChingola Update
9th Jul 20127:00 amRNSChingola Update
3rd Jul 20127:00 amRNSSigning of Chingola Joint Venture
15th Jun 20127:00 amRNSMemorandum of Understanding
1st Jun 20124:00 pmRNSKabwe Update
24th Apr 20127:00 amRNSWarrants Update - Amendment
19th Apr 20127:00 amRNSChingola Copper Tailings Update
16th Apr 20127:00 amRNSKabwe Update
3rd Apr 20127:00 amRNSGovt Approval for Kabwe Site Acquisition
30th Mar 20127:00 amRNSInterim Results
16th Mar 20127:00 amRNSIssue of Equity
29th Feb 20127:00 amRNSKabwe Operational Update
7th Feb 20127:00 amRNSUpdate on Kabwe Options
20th Jan 20127:00 amRNSDirector/PDMR Shareholding
20th Dec 201111:31 amRNSAGM Result
20th Dec 20117:00 amRNSCopper Option Agreement Signed
14th Dec 20117:00 amRNSKabwe Update
25th Nov 20117:00 amRNSPreliminary Results
23rd Nov 20117:00 amRNSKabwe Resource and Operations Update
2nd Nov 20117:00 amRNSWashplant Tailings to be Sold
30th Aug 20117:00 amRNSDirector/PDMR Shareholding
18th Aug 20115:18 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.