Cambria Africa Regulatory News (CMB)

4 Dec 2009 07:02



4 December  2009

Lonzim plc

("Lonzim" or "the Company")

LonZim raises funds with the Placing of 4,255,525 Ordinary Shares

The Board of Lonzim is pleased to announce that the Company has raised £1,170,269 million gross, by way of a placing with institutions of 4,255,525 new ordinary shares of 0.01 pence each ("Placing Shares") in the share capital of the Company at 27.5 pence per Placing Share ("the Placing").

The Placing Shares have been unconditionally placed save as to their admission to trading on AIM . Application has been made for admission of the Placing Shares to trading on AIM and admission is expected to take place on 9th December 2009.

The Placing Shares will together represent approximately 12% of the Company's enlarged issued share capital and the total number of shares in issue following completion of the Placing will be 36,331,525.

The funds raised by the Company will help to ensure that LonZim investee companies have access to working capital to continue to run their businesses in a commercial and professional manner as economic growth returns to the important market sectors where LonZim operates.

David Lenigas, executive chairman of Lonzim, commented:

"The signs of economic growth in Zimbabwe are now tangible. LonZim is well placed with it's established portfolio of businesses, purchased over the past two years, to be a part of the economic recovery underway in Zimbabwe. The LonZim businesses have retained quality staff, maintained their operations and been prepared for recovery and are now focusing on substantial growth for 2010"

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