Business
Admission and First Day of Dealings
Admission and First Day of Dealings.
About this update from 80 Mile Plc
[{"type":"text","content":"\n \nRNS Number : 3465U FinnAust Mining PLC 02 December 2013 \n \n\nFinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining\n2 December 2013\nFinnAust Mining plc\n(\"FinnAust Mining\" or the \"Company\")\n(formerly Centurion Resources plc)\n \nAdmission and First Day of Dealings\n \nFurther to the announcement made on 13 November 2013, the Company is pleased to announce the readmission of its enlarged issued share capital to trading on AIM following completion of the acquisition of FinnAust Mining plc, an exploration company with extensive and highly prospective holdings in Finland and the placing of new ordinary shares to raise £3.4 million. The legal name of the Company has been changed to FinnAust Mining plc with immediate effect and the 1 for 10 share consolidation has been effected. Dealings in the enlarged issued share capital will commence at 8.00am today with ticker FAM.\n \nThe total number of ordinary shares in issue at Admission is 247,097,670, giving the Company a market capitalisation of approximately £12.4 million, based on the placing price of 5 pence per share. Western Areas Limited owns 167,500,000 ordinary shares in the capital of the Company representing 67.8 per cent. of the issued share capital of the Company.\n \nOverview: \n \n· The Company has extensive holdings in Finland covering approximately 4,710 sq km, primarily targeting Volcanogenic Massive Sulphide ('VMS'), high-grade magmatic sulphide nickel-copper and Outokumpu type copper deposits\n \n· FinnAust Mining's Exploration Rights are located in a prolific geological belt, which includes the famous Outokumpu copper mine and other high-grade mines. Three high-priority target areas have been identified:\n \no Hammaslahti - Targeting extensions to and structural repeats of the Hammaslahti mine sequence. FinnAust Mining's first drill campaign in 2012 intersected 3.4m @ 11.5% copper and 3 ppm gold down plunge\n \no Outokumpu - Focussing on the copper belt famous for its high-grade deposits. Four targets identified for immediate drill testing between, adjacent to, and along strike from the world famous Outokumpu copper mine 1908-1999 (42Mt @ 3.1% copper + credits from the whole belt)\n \no Enonkoski - Identified extensions and repeats of hig...