Placing of New Shares for £0.225 million

About this update from Anglesey Mining Plc

[{"type":"text","content":"\n \n20th March 2017                                                                    LSE: AYM\n\nPlacing of New Shares for £0.225 million\n\nAnglesey Mining plc is pleased to announce that it has today agreed to issue 5,000,000 new ordinary shares, representing approximately 2.8% of the Company’s enlarged issued share capital, at 4.5 pence per share in a placement, to raise a total of £225,000 gross and £213,750 net.\n\nThe net proceeds of issue will be used for general working capital and for the continued development of the Parys Mountain poly-metallic project in North Wales on which an updated scoping study is being prepared by Micon International Limited and by Fairport Engineering Limited.  This study is reviewing capital and operating costs including the use of available second-hand plant to minimise capital expenditure wherever possible.  Recent increases in base metal prices over the last few months together with the lower level of sterling compared to the United States dollar are also expected to be positive for the project economics. The study is nearing completion and is expected that the report will be available shortly.  When the report is completed Anglesey will commence discussions with interested funding partners with a view to moving the project on to the next stage of development aimed at bringing the mine in to production.\n\nBill Hooley, CEO, stated “We are very pleased to announce this financing which shows the continued support for Anglesey Mining and for its projects from sophisticated institutional investors in the resource industry.  We believe that such support is both positive for the development of the project and as an indicator that investor interest in the base metals sector has returned and that the outlook for the metals that will be produced from Parys Mountain is positive”.\n\nThe directors have authorised the issue of the new shares under the dispensation approved at the last AGM on 28th September 2016.  The new ordinary shares of 1 ...

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