Business
Trading Statement - completion of Labrador C$35...
Trading Statement - completion of Labrador C$35....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM 25 March 2010\n\nLIM completes C$35 million financing\n\nAnglesey Mining plc is pleased to announce that its 50% owned associate Labrador\nIron Mines (LIM) reports that it has completed the previously announced offering\nof C$30,003,300 in LIM common shares (the \"Treasury Common Shares\") and\nC$5,054,000 in flow-through shares, which have been placed at a price of C$5.55\nper Treasury Common Share and C$6.65 per flow-through share (collectively, the\n\"Offering\"). The Offering was completed by a syndicate of underwriters led by\nCanaccord Financial Ltd. and included Jennings Capital Inc. and Haywood\nSecurities Inc. (collectively, the \"Underwriters\").\n\nLIM intends to use the net proceeds from the Offering for exploration and\ndevelopment of its mineral projects, and for general corporate and working\ncapital purposes.\n\nLIM has 43,369,951 common shares outstanding after giving effect to the\nOffering.\n\nAnglesey Mining plc, in connection with the Offering, has granted the\nUnderwriters an option (the \"Over-Allotment Option\") to purchase from Anglesey\nup to 810,900 previously issued LIM common shares for the purpose of covering\nthe Underwriters' over-allocation position at C$5.55 per share for gross\nproceeds of up to C$4,500,495 (£2.9 million), being up to 15% of the amount\nraised from the sale of Treasury Common Shares, exercisable at any time in whole\nor in part, up to 30 days after the closing date of the Offering.\n\nAnglesey currently holds 18,600,000 LIM common shares. The net proceeds from\nthe sale of the optioned shares, if the Over-Allotment Option is exercised, will\nbe received entirely by Anglesey and will be used by Anglesey for general\ncorporate costs and working capital purposes.\n\n\n\nLabrador Iron Mines Holdings Limited (LIM)\n\nLIM's Schefferville Area project involves the exploration and development of\ndirect shipping iron ore deposits in western Labrador and north eastern Quebec\nnear Schefferville. These properties are part of the historic Schefferville area\niron ore district where mining of adjacent deposits was previously carried out\nby the Iron Ore Company of Canada from 1954 to 1982. LIM plans to mine its\ndeposits in varying stages, the first stage comprising the James and Redmond\ndeposits, which are located in Labrador in close proximity to existing\...