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15 Dec 2009 14:59
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15Β DecemberΒ 2009 AIM:Β GMA
GMA RESOURCES PLC
("GMA" or the "Company")
Further re: Issue of Equity
Following its announcement onΒ 19 OctoberΒ 2009, GMA announces that 10,659,156 ordinary shares in the CompanyΒ have beenΒ issued andΒ willΒ beΒ admitted to tradingΒ tomorrow,Β raising Β£479,662.02Β for the CompanyΒ (before expenses).
The 10,659,156 ordinary shares represent the second of four equal tranches agreed to be subscribed byΒ Sahara Gold Ltd. (formerlyΒ Valencia Services Holdings Limited)Β ("Sahara"),Β a wholly owned subsidiary of ASCOM Precious Metals Mining S.A.E., pursuant to theΒ subscription agreement entered into by the Company withΒ SaharaΒ on 18 October 2009, for the subscription of an aggregate of 42,636,624 new ordinary shares of Β£0.01 each (theΒ "Subscription Shares"),Β representing approximately 9 per cent of the share capital of the Company as enlarged by such subscription,Β at 4.5 pence per share.Β Valencia Services Holdings Limited changed its name to Sahara Gold Ltd. on 1 December 2009.
Accordingly,Β following Admission,Β SaharaΒ will beΒ interested in 21,318,312 ordinary shares of the Company, representing approximately 4.8Β per cent of theΒ issued share capital of the Company as enlarged by thisΒ tranche of theΒ subscription.
Following AdmissionΒ of thisΒ secondΒ tranche ofΒ Subscription Shares,Β the Company hasΒ a total of 447,684,582Β ordinary shares in issue.
Enquiries:
|
GMA Resources Plc |
Douglas Perkins |
+1 514 806 6788 |
|
MerchantΒ John EastΒ Securities LimitedΒ |
Bidhi BhomaΒ |
+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 southernΒ 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.Β
GMA's shares are traded on the AIM market of the London Stock Exchange (AIM: GMA).Β
For further information on the Company, please visit: www.gmaresources.co.uk
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