Business
Equity Fundraising
Equity Fundraising.
About this update from Altyngold Plc
[{"type":"text","content":"\n Hambledon Mining PLC\n08 February 2006\n\n\n Hambledon Mining Plc\n \n Equity Fundraising of £10.4 million\n \nHambledon Mining Plc ('Hambledon' or the 'Company), the AIM-listed mining and \nexploration company developing gold and silver deposits in Kazakhstan, is \npleased to announce that it has raised a total of £10.4 million (before \nexpenses) by way of a conditional placing to new and existing investors of \n104,000,000 new ordinary shares of 0.1p each ('Ordinary Shares') at an issue \nprice of 10p per Ordinary Share ('the Placing').\n\nThe capital raised will provide the Company with additional funds to develop the \nmine and process plant at Sekisovskoye, where substantial reserves have been \ndiscovered. The additional funding will enable the Company to extend its \noriginal proposals, reflecting the rises of over 40% in the projected ore and \ngold content of the planned open pit since the earlier plans were formulated.\n\nThe planned open pit mine output and the capacity of the processing facility \nwill be increased from 600,000 tonnes per annum to 850,000 tonnes per annum, \ngiving over 40% increase in gold production. The Company plans to buy its own \nmining fleet, reflecting the longer open pit mine life now envisaged and the \nreduced operating costs available. The schedule for the commencement of \nproduction in the fourth quarter of 2006 remains unchanged.\n\nA circular has today been dispatched to shareholders providing further \ninformation on the Placing, which is being carried out on a non pre-emptive \nbasis, and to convene the EGM for the purpose of granting the directors of the \nCompany the necessary authority to effect the Placing. The Notice of EGM to be \nheld on 2 March 2006 will be set out in the circular.\n\nApplication has been made for the admission of the new Ordinary Shares to \ntrading on AIM and dealings are expected to commence on 3 March 2006, subject to\nshareholders' approval at the EGM.\n\nNick Bridgen, Chief Executive of Hambledon Mining Plc, commented:\n\n'Since the original project was designed further discoveries have been made at\nSekisovskoye. We are still finding more gold and we expect to increase our\nresources further with the underground drilling programme that will be carried\nout over winter.\n\n'As a result, the scale of the project has become larger and the Board ha...