Business
Further re Labrador IPO in Canada
Further re Labrador IPO in Canada.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nNOT FOR DISTRIBUTION INTO OR PUBLICATION IN CANADA OR THE UNITED STATES OF\nAMERICA OR ANY OTHER JURISDICTION WHERE THE PUBLICATION OR DISTRIBUTION OF THIS\nANNOUNCEMENT MAY BE UNLAWFUL\n\n\nAnglesey Mining plc\n\n12 November 2007 LSE: AYM\n\n\nPRICING OF THE PROPOSED INITIAL PUBLIC OFFERING OF\nLABRADOR IRON MINES HOLDINGS LIMITED AT C$4.00 PER UNIT\n\n\nAnglesey Mining plc (\"Anglesey\"), which has been advised by Canaccord Adams\nLimited, is pleased to announce that, further to the Class 1 Circular dated 6\nNovember 2007, LIM Holdings has agreed with its agent, Canaccord Capital\nCorporation (\"Canaccord\"), to offer 11,473,000 units at a price of C$4.00\n(approximately £2.00) per unit. If all of the units are subscribed for, LIM\nHoldings will receive aggregate gross proceeds of C$45.89 million (approximately\n£22.95 million).\n\nEach unit consists of one common share of LIM Holdings and one-half of one\ncommon share purchase warrant. A whole warrant is exercisable at any time prior\nto 24 months from the closing of the offering and enables the holder to\nsubscribe for one additional common share in LIM Holdings at a price of C$5.00\n(approximately £2.50) per common share.\n\nIn addition, Canaccord has been granted an over-allotment option exercisable for\na period of 30 days following the closing of the offering, to purchase a maximum\nof 15% of the number of units issued pursuant to the offering. If the over-\nallotment option is exercised in full, the aggregate gross proceeds of the\noffering will be C$52.78 million (approximately £26.89 million).\n\nCompletion of the offering remains subject to Canadian regulatory approval and\nthe filing of the final Prospectus. The offering is also subject to the approval\nof the shareholders of Anglesey at the extraordinary general meeting convened\nfor 30 November 2007. The anticipated completion date is 3 December 2007 or\nsuch other later date as LIM Holdings may agree with Canaccord.\n\nFollowing the closing of the offering Anglesey will hold 18.6 million common\nshares of LIM Holdings which calculated at the unit offer price (mentioned\nabove), will have an implied market value of C$74 million (approximately £35\nmillion).\n\nBill Hooley, Chief Executive of Anglesey commented \"This is a very significant\nstep for Anglesey as it provides a quantified valuation of our holding...