17 Feb 2010 07:00
| 17 February 2010 | AIM: GMA |
GMA RESOURCES PLC
("GMA" or the "Company")
Further re: Issue of Equity
Following its announcements on 19 October 2009, 15 December 2009 and 13 January 2010, GMA announces that has raised £479,662.02 for the Company (before expenses) by way of a subscription for 10,659,156 ordinary shares in the capital of the Company.
The 10,659,156 ordinary shares represent the final of four equal tranches agreed to be subscribed by Sahara Gold Ltd. (formerly Valencia Services Holdings Limited) ("Sahara"), a wholly owned subsidiary of ASCOM Precious Metals Mining S.A.E., pursuant to the subscription agreement entered into by the Company with Sahara on 18 October 2009, for the subscription of an aggregate of 42,636,624 new ordinary shares of £0.01 each (the "Subscription Shares"), representing approximately 9 per cent of the share capital of the Company as enlarged by such subscription, at 4.5 pence per share. Following Admission of this tranche of the Subscription Shares, the Company will have exhausted its existing authorities to issue equity securities for cash and the issue of any further equity securities for cash, other than in accordance with the statutory pre-emption rights, will require prior shareholder approval.
Application has been made for the ordinary shares to be admitted to trading on AIM. Admission of these shares is expected to become effective and dealings on AIM are expected to commence on 22 February 2010. Following Admission, Sahara will be interested in 42,636,624 ordinary shares of the Company, representing approximately 9 per cent of the issued share capital of the Company as enlarged by the subscription.
Following Admission of this fourth and final tranche of the Subscription Shares, the Company will have a total of 469,002,894 ordinary shares in issue.
Enquiries:
| GMA Resources Plc
| Douglas Perkins | +1 514 806 6788 |
| Merchant John East Securities Limited | Bidhi Bhoma | +44 (0) 20 7628 2200 |
Notes to Editors:
GMA owns a controlling 52 per cent. stake in ENOR spa ("ENOR"), the Algerian based operating company for the Tirek-Amesmessa project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.
ENOR holds the exploitation authorisation to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city, Tamanrasset, in southern Algeria. Amesmessa is an open pit heap leach gold mine located in the extreme south of the permit area. The Tirek gold mine is located centrally in the northern third of the exploration permit area, some 60 km north of Amesmessa. Research to date suggests that the Zita Zone, which lies between Tirek and Amesmessa, offers considerable potential for the development of additional prospects amenable to open-pit mining. GMA plans to quickly expand upon resources outside of the major 80km Tirek-Amesmessa fault north/south of the concession.
GMA's shares are traded on the AIM market of the London Stock Exchange (AIM: GMA).
For further information on the Company, please visit: www.gmaresources.co.uk