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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
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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