Last checked at 21 Jul 2016 07:00
AURUM MINING PLC
(AIM: AUR)
21 July 2016
Issue of New Equity
Grant of Options
Convertible Loan Notes
Aurum plc ("Aurum plc" or the "Company"), the Spanish focused gold and tungsten explorer, is pleased to announce that it has completed a subscription of 2,500,000 New Ordinary Shares to a new strategic investor at a price of 1 pence per share to raise approximately £25,000 before expenses ("the Subscription") which will be used to fund working capital requirements.
In addition, the Company has granted 31,500,000 share options to subscribe for New Ordinary Shares of 1 pence each in the Company to the new investor. The options are exercisable until 19 July 2017 and shall have an exercise price of 1 pence per share. There are no conditions attaching prior to the vesting of the options.
The Company announced funding by way of a convertible loan on 17 June 2016, half of which had been provided by David Williams, Chairman of Aurum. The Company has received an undertaking from the providers of the convertible loan that this issue of equity will not trigger the conversion of their respective loans.
In accordance with the Disclosure and Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that immediately following Admission its issued share capital will consist of 174,350,286 Ordinary Shares of 1p each. The Company does not hold any shares in treasury. Shareholders may use these figures as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective at 8.00 a.m. on 26 July 2016.
Contacts: | |
Aurum Mining plc | www.aurummining.net |
David Williams | +44 (0) 797 014 8016 |
WH Ireland Limited | Nominated Adviser & Broker |
Mike Coe, Ed Allsopp | +44 (0) 117 945 3470 |
Notes to Editors:
Aurum Mining is an AIM listed exploration and development company focused on its highly prospective portfolio of gold and tungsten assets in North West Spain.
Gold
Through its joint venture agreement with Ormonde Mining plc (AIM: ORM), Aurum currently has a majority interest in the Pino de Oro project in Zamora Province and the Peralonso and Cabeza projects in Salamanca Province.
Tungsten
Aurum's 20% owned Morille Tungsten project is located approximately 15km south west of Salamanca in North West Spain and covers an area of 5,796 hectares. The permit area is a 'brownfield' site with historical data indicating production from the site of high quality tungsten concentrates.