Business
Issue of Equity - Placing
Issue of Equity - Placing.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM\n\n16 July 2007\n\n\nPlacing for up to £1,100,000\n\nAnglesey Mining plc announces that it has arranged to raise up to £1,100,000\nbefore expenses by way of a private placing of new ordinary shares at 8 pence\nper share. The new shares will rank pari passu with the existing shares in\nissue. Application will be made for the new ordinary shares to be admitted to\ntrading on the main board of the London Stock Exchange.\n\nThe funds from the placing will be applied towards the cost of recent and\nongoing work at the company's two projects: the Parys Mountain base metal\ndeposit in Anglesey, UK and the Labrador Iron project in Canada. Exploration,\ndevelopment and feasibility work on both these projects is continuing.\n\nAt Parys Mountain, the company is refining the recent Micon Scoping Study for\nWhite Rock and is commencing design and planning for the White Rock decline.\nUsing the proceeds from this placing, it is expected that the decline portal\nwill commence within a few weeks. The company is also planning the next stage of\nthe feasibility study which will commence later in the summer.\n\nIn Labrador, work continues on environmental base line studies; planning and\npermits are in place for a late summer exploration programme and critical work\nnecessary for permit applications continues. Part of the proceeds of the placing\nwill be used to progress these activities. The company is continuing to review\noptions for financing the Labrador project including a separate flotation of the\nCanadian operations.\n\nThe funds will also be applied to working capital and general corporate\npurposes.\n\nThe company will require further financing for the development of the properties\nand is in discussions regarding forms of funding and financial instruments that\nshould reflect the medium and long term growth in the company's prospects.\n\nJohn Kearney, the company's chairman said \"We are pleased that we have secured\nthis current round of funding that will allow us to continue the development of\nour projects, both of which are getting closer to production. Since our last\nplacing in January 2006, we have made very significant progress and we hope to\nbe able to more than emulate that progress in the next few months so that the\ncompany's market valuation will better reflect the value of the underlying\na...