22 Jan 2010 14:00
Sable Mining Africa Ltd / Index: AIM / Epic: SBLM / Sector: Natural Resources
22 January 2010
Sable Mining Africa Limited ('Sable Mining' or 'the Company')
Placing to raise £2.78 million & Board Changes
Sable Mining Africa Limited, the AIM listed resource investment company, announces that it has conditionally raised £2.78 million (before expenses) by way of a placing of 25,334,822 new ordinary shares in the capital of the Company ('the Placing Shares'), with new institutional investors at a price of 11 pence per Placing Share ('the Placing').
The funds raised, at a 10% premium to the placing announced on 10 December 2009, will be used to advance the Company's investment strategy to identify and invest in early stage exploration and development projects in sub-Saharan Africa. The Company is currently evaluating various opportunities which meet Sable Mining's investment criteria, focussing particularly on coal, uranium and iron ore mining assets in Namibia, Botswana, Zimbabwe and Zambia.
Following completion of the Placing, the Placing Shares will represent approximately 4% of the enlarged issued share capital of the Company, which will then comprise 627,766,022 ordinary shares.
The Placing is inter alia conditional on admission of the Placing Shares to trading on AIM ('Admission'). It is expected that Admission will occur, and dealings in the Placing Shares will commence, on 28 January 2010.
The Placing Shares will, when issued, rank pari passu in all respects with the existing issued shares of Sable Mining, including the right to receive any dividends and other distributions declared following Admission.
The Company also announces that, following its shift in strategy, Izak Cornelis Holtzhausen, Non-executive Director of Sable Mining, will be stepping down from his position on the Board with immediate effect. The Board would like to thank Corne for his considerable efforts since the Company listed on AIM and wish him the best for his future endeavours.
** ENDS **
For further information please visit www.sablemining.com or contact:
| Andrew Groves | Sable Mining Africa Ltd | Tel: 020 7408 9200 |
| Jonathan Wright | Seymour Pierce Ltd | Tel: 020 7107 8000 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Susie Callear | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |