Result of General Meeting

FinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining

24 December 2015

FinnAust Mining plc ('FinnAust' or the 'Company')

Result of General Meeting

FinnAust Mining plc, the AIM listed exploration company with projects in Greenland, Finland and Austria, announces that all resolutions proposed were duly passed at its General Meeting held today.

Defined terms used in this announcement shall have the same meaning as those terms defined and used in the circular of the Company dated 8 December 2015.

Share Capital Reorganisation

At the General Meeting approval was given by Shareholders to the Share Capital Reorganisation, whereby each existing share of 2p nominal value is to be sub-divided into one New Ordinary Share of 0.01p nominal value and one hundred and ninety nine A Deferred Shares of 0.01p nominal value.

The New Ordinary Shares will have the same rights as those currently accruing to the Existing Ordinary Shares in issue under the Articles, including those relating to voting and entitlement to dividends.

After the Share Capital Reorganisation, there will be no change to the number of ordinary shares in issue and there will be 295,986,560 New Ordinary Shares in issue. Shareholders will not be issued with a new share certificate for New Ordinary Shares and the existing one will remain valid.

Holders of options and warrants over Existing Ordinary Shares will maintain the same rights as currently accruing to them and will not be issued with new warrant or option certificates.

The A Deferred Shares will have no value or voting rights and will not be issued with a share certificate in respect of the Deferred Shares. They will not be listed on AIM. Accordingly, the Deferred Shares will be effectively worthless.

Application has been made to the London Stock Exchange for the New Ordinary Shares created by the Share Capital Reorganisation to be admitted to trading on AIM on or around 29 December 2015. 

Acquisition and Placing

The acquisition of a 60% stake in Bluejay Mining Limited was also approved by the Shareholders at the General Meeting. The Acquisition remains conditional upon the receipt of change of control consent from the Greenlandic authorities, which is expected to be received in the next few weeks. Once this consent has been received the Acquisition and Placing will complete and the Initial Consideration Shares and Placing Shares will be issued. A further announcement will be made by the Company at that time.

**ENDS**

For further information please visit www.finnaust.com or contact: