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6 Jul 2009 15:27
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For immediate release
Β 6Β JulyΒ 2009
Niger Uranium LimitedΒ
("NigerΒ Uranium", "NUL"Β or the "Company")
Placing
TheΒ DirectorsΒ ofΒ Niger UraniumΒ today announceΒ that the Company hasΒ conditionally placedΒ up toΒ 4,340,052Β new ordinary shares (theΒ "Ordinary Shares") at a placing price ofΒ 21pΒ per Ordinary Share (the "Placing Price") to raiseΒ Β£911,411Β before expenses (equivalent toΒ approximately US$1.5Β millionΒ at current exchange rates)Β subject toΒ admission (the "Placing").Β
TheΒ newΒ 4,340,052Β newΒ Ordinary SharesΒ being issued pursuant to the PlacingΒ will,Β on issue,Β rankΒ pari passuΒ with the existing Ordinary Shares in issue and application will be made for the new Ordinary Shares to be admitted to trading onΒ AIM, following whichΒ Niger UraniumΒ will haveΒ an enlargedΒ issued share capital ofΒ 117,504,358Β Ordinary Shares admitted to trading on AIMΒ (theΒ "Enlarged Issued Share Capital"). Trading in the new Ordinary Shares onΒ AIMΒ is expected to commence onΒ or aroundΒ 29Β JulyΒ 2009.Β A further announcement will made in due course.
The Company intends to use the Placing proceeds to provide additional working capitalΒ for the development of its uranium interests.
NWT Uranium CorpΒ ("NWT"), which currentlyΒ has a directΒ and indirectΒ interest totallingΒ in aggregateΒ toΒ 38,249,321 Ordinary Shares in the Company, representingΒ 33.8 per cent.Β of Niger Uranium's issued share capital,Β is participatingΒ in the Placing and has conditionally subscribed forΒ 1,519,018Β Ordinary SharesΒ on the same terms as third party placees.Β On completion of the Placing NWT's interest in the Enlarged Issued Share Capital will amount to 39,768,339 Ordinary Shares representing 33.8 per cent. of the Enlarged Issued Share Capital.Β
Amber Petroleum Limited ("Amber"),Β which currentlyΒ has a directΒ and indirectΒ interest totallingΒ in aggregateΒ toΒ 12,200,000 Ordinary Shares in the Company, representingΒ 10.8 per cent.Β of Niger Uranium's issued share capital, is participating in the Placing and has conditionally subscribed for 1,085,013 Ordinary SharesΒ on the same terms as third party placees. On completion of the Placing Amber's interest in the Enlarged Issued Share Capital will amount to 13,285,013 Ordinary Shares representing 11.3 per cent. of the Enlarged Issued Share Capital.Β
Accordingly, as NWTΒ and Amber areΒ substantial shareholdersΒ for the purposes of the AIM Rules,Β the proposedΒ participation in the PlacingΒ byΒ NWTΒ and Amber areΒ related party transactionsΒ for the purposes of Rule 13 of the AIM Rules.Β John Lynch and Raphael Danon who are directors of the Company are also chief executive and finance director respectively of NWT. Accordingly, John Lynch and Raphael Danon are not independent for the purposes of the proposed transaction. Accordingly, theΒ IndependentΒ Directors of the CompanyΒ (being David Weill, Ian Stalker and Gordon Cassidy), having consulted with Beaumont Cornish Limited, theΒ Company's nominated adviser, consider the terms of the proposedΒ participation in the PlacingΒ byΒ NWTΒ and AmberΒ are fair andΒ reasonable insofar as the Company's Shareholders are concerned.
Β
Contacts:
Niger Uranium Limited
Ian Stalker,Β Executive Director and CEO Tel: +27 (0) 11 269-4900
Beaumont Cornish Limited Tel: +44 (0) 207 628 3396
Michael Cornish
FD
Ben Brewerton/Edward Westropp Tel: +44 (0) 20 7831 3113
Or visit the group's website atΒ www.niger-uranium.com
Forward Looking Statements:
This press release contains statements that are "forward-looking". Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
ENDS
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