Norseman Gold Regulatory News (NGL)

23 Apr 2007 16:42

Davos Resources PLC23 April 2007 The issuer has advised that the following amendment, under dealings and trading,has been made to the Results of Extraordinary General Meeting announcementreleased today under RNS number 3293V at 11.31 a.m. Application has been made to the London Stock Exchange for 365,220,000 ordinaryshares of 0.25p each to be re-admitted to trading on AIM. Re-Admission of theEnlarged Group to trading on AIM is expected to take place at 8 a.m. on 24 April2007. Application has been made to the London Stock Exchange for the 8,330,000Consideration Shares and 24,250,000 Consortium Shares to be admitted to tradingon AIM on 30 April 2007. Davos Resources plc ('Davos' or 'the Company') Results of Extraordinary General Meeting 23 April 2007 Acquisition of Central Norseman Gold Corporation Ltd Issue of 8,330,000 Consideration Shares, 24,250,000 Consortium Shares and 26,000,000 Options Placing of 220,000,000 New Ordinary Shares at 10 pence per share Re-Admission to trading on AIM Change of name to Norseman Gold plc At the Extraordinary General Meeting of the Company held today, all resolutionswere duly passed. Further to the announcement of 29 March 2007, the Company has completed aplacing to acquire Central Norseman Gold Corporation Ltd ("CNGC"), the owner andoperator of the Norseman gold mine, Australia's longest continually running goldoperation, which has produced in excess of 5.5 million ounces of gold since1937. To fund the acquisition and provide working capital for the mine, theCompany has raised £22 million (before expenses) through the issue of220,000,000 placing shares at 10 pence per share. The Company will also be renamed Norseman Gold plc (AIM Ticker: NGL) with effectfrom 24 April 2007. Commenting on the result, director David Steinepreis said, "This is a veryexciting project for us, which I believe will reward our investors. TheNorseman mine has an established production history and solid infrastructureincluding a fully operational plant on-site. It is a cash positive high-gradeproducing mine, targeting 90,000 oz gold for 12 months to June 2007 andincreasing to 150,000 oz gold by 2010. Importantly, there is significantexpansion potential and a defined exploration programme to extend mine life isalready in place. Additionally, we will continue to look for further acquisitionopportunities to utilise fully our strong management team's expertise in minedevelopment and restructuring." Final terms of the CNGC Acquisition Under the terms of the CNGC Acquisition Agreement, the Company has conditionallyagreed to acquire the entire issued share capital of CNGC for a totalconsideration of: • A$44 million in cash; • A$2 million to be satisfied by the issue of 8,330,000 Ordinary Shares at 10 pence per share; and • A$20 million to be satisfied by the issue of the Convertible Loan Notes. The acquisition of CNGC is expected to complete on 30 April 2007 pursuant to theshare sale agreement with the Company. Dealings and trading Application has been made to the London Stock Exchange for 365,220,000 ordinaryshares of 0.25p each to be re-admitted to trading on AIM. Re-Admission of theEnlarged Group to trading on AIM is expected to take place at 8 a.m. on 24 April2007. Application has been made to the London Stock Exchange for the 8,330,000Consideration Shares and 24,250,000 Consortium Shares to be admitted to tradingon AIM on 30 April 2007. For further information please contact: David Steinepreis Davos Resources Plc 07913 402727Olly Cairns/Romil Patel Blue Oar Securities Plc 020 7448 4400Guy Wilkes Ocean Equities Ltd 020 7786 4370Hugo de Salis St Brides Media & Finance Ltd 020 7242 4477 This information is provided by RNS The company news service from the London Stock Exchange