22 Jan 2009 10:54
| 22 January 2009 | AIM: GMA |
GMA Resources Plc
("GMA" or the "Company")
Results of class meeting and general meeting
The Company announces that at the class meeting of loan stockholders and the extraordinary general meeting of shareholders, both of which were held earlier today, all resolutions were duly passed.
The resolutions sought to authorise the allotment of 10,526,000 new ordinary shares in the capital of the Company at approximately 1.9 pence per share (the "Placing Shares") and the issue of up to £1,500,000 nominal of fixed rate unsecured convertible loan stock 2011 ("Loan Stock 2011") as announced on 29 December 2008 (the "Placing"). Mirabaud Securities Limited, as agent of the Company, has procured subscribers for the Placing Shares and £1,190,000 nominal of Loan Stock 2011 to raise £1,390,000 in total (before expenses) pursuant to the Placing.
The resolutions also sought approval to proposed variations to the terms of the Company's unsecured convertible loan stock 2009; specifically to reduce the conversion price of the loan stock from 15 pence to 5 pence and to defer its maturity date from 30 June 2009 to 31 December 2010.
Application has been made for the Placing Shares to be admitted to trading on AIM and dealings are expected to commence on 23 January 2009. Following admission, the Company will have a total of 378,588,493 ordinary shares in issue.
Enquiries:
| GMA Resources Plc | Douglas Perkins | +1 514 806 6788 |
| John East & Partners Limited (Nomad) | Bidhi Bhoma | +44 (0) 20 7628 2200 |
| Mirabaud Securities Limited (Broker) | Rory Scott | +44 (0) 20 7878 3360 |
Notes to Editors:
GMA owns a controlling 52% 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