22 Jun 2011 09:31
Maghreb Minerals plc
("Maghreb" or the "Company")
Statement re Cancellation of Admission to AIM
Maghreb announced on 24 December 2010 that it had requested a suspension of the trading of its shares on AIM, with effect from that date, pending the publication of an admission document relating the acquisition of interests in Sallies Limited and Kenya Fluorspar Company (the "Acquisitions").
On 24 June 2011 trading in Maghreb shares will have been suspended for six months and therefore, in accordance with AIM Rule 41, the London Stock Exchange will cancel the admission of the Company's shares to trading on AIM, with effect from 7 a.m. on Monday 27 June 2011 (the "Cancellation").
The Board had hoped to publish an AIM admission document prior to 24 June 2011 but due to the complexity of the Acquisitions, this has not been achievable. The Board anticipates that Maghreb will publish an admission document prior to the fourth quarter of 2011 and, pending readmission, will seek to continue to develop the business of the Company.
Since the announcement of the Acquisitions, the Board has taken several measures to facilitate the Company's development into a leading international fluorspar company. Following the announcement of the Acquisitions, the Company has announced:
·; the successful completion of a US$10,000,000 placing;
·; the implementation of a loan agreement with Sallies Limited to fund the restart of the Witkop, a producing fluorspar mine owned by Sallies Limited and in which Maghreb will have, subject to shareholder approval, a controlling interest in following the completion of the Acquisitions;
·; established a fluorspar company in conjunction with a world leading fluorspar trader for the purchase, sale, storage, transport, offtake, hedging, marketing or other dealing of fluorspar products (whether produced by the Maghreb group of companies or otherwise); and
·; appointed two new directors to the board with significant industrial minerals experience.
In additions, the Board is in ongoing discussions with numerous parties regarding additional sources of capital to finance the development of the group as enlarged by the Acquisitions.
When published the admission document will include a notice of general meeting to approve the Acquisitions. The Company will continue to make announcements to update shareholders of developments via the Regulatory News Service following the Cancellation.
For further information, please contact:
Maghreb Minerals Plc
Dunbar Dales - CEO Tel: +27 83 258 9062
Westhouse Securities Limited Tel: +44 (0) 20 7601 6100
Tim Feather / Martin Davison
ENDS