3 Feb 2012 07:00
Nyota Minerals Limited ("Nyota" or the "Company")
Placing of approximately £9.66 million and Notice of General Meeting
Nyota Minerals Limited (ASX/AIM: NYO), the gold exploration and development company in East Africa is pleased to announce a conditional placing of 161,000,000 new ordinary shares of the Company ("Ordinary Shares") to raise approximately £9.66 million (before expenses) (the "Placing"). Under the Placing, 146,720,000 Ordinary Shares will be issued to UK investors at £0.06 per Ordinary Share and the remaining 14,280,000 Ordinary Shares will be issued to Australian investors at A$0.089 per Ordinary Share. The Placing is conditional on the passing of certain resolutions by the Company's shareholders at a general meeting to be held on 7 March 2012.
The Placing has been supported by new and existing shareholders including Centamin plc ("Centamin"). Centamin is an Arabian-Nubian Shield focused gold mining company whose flagship project is the Sukari Gold Mine, located in the eastern desert of Egypt. Centamin has subscribed for 67,000,000 new Ordinary Shares, and following the Placing becoming unconditional in all respects will own 90,000,000 Ordinary Shares, equalling 14.08% of the enlarged share capital. Centamin was previously the holder of 23,000,000 shares via its wholly owned subsidiary North African Resources NL. These shares were purchased on market.
The Placing has been undertaken to allow Nyota to:
·; maintain momentum with exploration drilling of its Northern Block exploration properties;
·; enable Nyota to progress the Tulu Kapi project after completion of the Definitive Feasibility Study ('DFS') but before project finance; and
·; provide corporate working capital beyond June 2012, allowing for steady progression once the DFS is completed.
Following the Placing, the number of Ordinary Shares in issue will be 639,073,263.
Nyota CEO Richard Chase commented "We are delighted with the response to the capital raising, especially from key institutional shareholders. The backing of an industry peer is encouraging, both for the prospects for Tulu Kapi and wider exploration within our Ethiopian assets and we greatly look forward to Centamin's ongoing support of our efforts in Ethiopia.
"Although the market remains relatively untested for fundraisings in 2012, there are signs that many exploration companies intend to raise finance in the next four months and the Board of Nyota felt it essential that we ensure adequate working capital to maintain our focus on our objectives beyond the end of the current financial year."
Details of the Placing
Nyota will raise approximately £9.66 million (before expenses) pursuant to the Placing, which is subject to the approval of Nyota shareholders at a general meeting ("Shareholder Approval"). A circular convening that general meeting, which will be held on 7 March 2012 ("Circular"), will shortly be posted to Nyota shareholders. A copy of the Circular can be viewed on Nyota's website at www.nyotaminerals.com.
The Ordinary Shares issued pursuant to the Placing (the "Placing Shares") will represent approximately 25.19% of Nyota's issued share capital as enlarged by the issue of the Placing Shares. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares in Nyota.
Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission"), subject to Shareholder Approval being obtained. Application will also be made to the Australian Securities Exchange ("ASX") for the Placing Shares to be quoted on ASX. It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 8 March 2012. Completion of the Placing is conditional on, inter alia, Admission occurring not later than 20 March 2012.
The Placing has only been made (i) in the UK to persons falling within article 19 and article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and who are also qualified investors for the purposes of section 86 of FSMA, (ii) in Australia to sophisticated and professional investors under subsections 708(8) and 708(11) of the Corporations Act 2001 (Cth) and (iii) in other jurisdictions in strict compliance with securities laws applicable therein, and no other person may participate in the Placing or rely on any communication relating to it. The offer of the Placing Shares has not been made to the public for the purposes of the Prospectus Rules or any other applicable legislation.
For a copy of the presentation used in relation to the Placing please visit Nyota's website,
www.nyotaminerals.com.
This announcement does not constitute an offer, or the solicitation of an offer, to subscribe for or buy any of the Placing Shares. Under the terms of agreements signed by Nyota with each of Ocean Equities Limited, Mirabaud Securities LLP and Patersons Securities Limited in connection with the Placing, Ocean Equities, Mirabaud and Patersons will receive commissions from Nyota conditional on Admission and Nyota will give customary warranties, undertakings and indemnities to each of them in relation to the performance of their duties.
For further information please contact:
Richard Chase (CEO)
Nyota Minerals Limited
+44 (0) 2074005740
info@nyotaminerals.com
NOMAD
Richard Morrison / Jen Boorer
Ambrian Partners Limited
+44 (0)20 7634 4700
BROKER
Guy Wilkes
Ocean Equities Limited
(+44) (0) 20 7786 4370
BROKER
Rory Scott
Mirabaud Securities LLP
+44 (0)20 7878 3360
BROKER
Keith Coughlan
Patersons Securities Limited
+61 (0) 8 9225 2809
FINANCIAL PR
Jos Simson / Paul Youens
Tavistock Communications
+44 (0) 20 7920 3150
Editor Notes :
Information on Nyota
For further information on Nyota visit: http://www.nyotaminerals.com
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement