Kemin Resources Regulatory News (KEM)

23 Nov 2005 12:56

GMA Resources PLC23 November 2005 GMA Resources Plc ("GMA" or "the Company") 23 November 2005 GMA Completes £8.5 million Placement to Advance Gold Projects in Algeria Results of EGM Further to the announcement made by the Company on 31 October 2005, the Companyis pleased to announce that all of the resolutions proposed at the ExtraordinaryGeneral Meeting of the Company, held today, were duly passed. Admission of Ordinary Shares Following the EGM, the Board of Directors has today announced that the Companyhas raised £8,576,701 (net of expenses) by way of a placing of 127,252,971 newOrdinary Shares at 7 pence per share ("Placing") which have been placed withinstitutions and other investors. The 127,252,971 new Ordinary Shares beingplaced will represent approximately 49 per cent of the Company's enlarged issuedshare capital and will be admitted to trading on AIM on 24 November 2005. The Company has undertaken the Placing to enable the Company to finance itsshare of the development costs relating to the Tirek-Amesmessa Gold Project byfunding further equity subscription in Entreprise d'Exploitation des Mines d'Or,the owner of the Tirek-Amesmessa Gold Project, in which the Company alreadyholds a 52 per cent interest. Richard LinnellGMA Resources plcTel: +61 8 9226 1885 Philip SecrettGrant Thornton Corporate FinanceTel: +44 (0) 870 991 2578 This information is provided by RNS The company news service from the London Stock Exchange