Business
Trading Statement - share sale raises £2.7...
Trading Statement - share sale raises £2.7....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM 31 March 2010\n\nAnglesey Mining over allotment option closes\n\nRaises £2.7 million cash\n\nAnglesey Mining plc ('Anglesey') is pleased to announce that the underwriters\nfor the recently completed public offering of C$35 million (£22 million) by its\nassociate Labrador Iron Mines Holdings Limited ('LIM') in Toronto, have\nexercised their over-allotment option to purchase 810,900 LIM common shares from\nAnglesey at a price of C$5.55 per share for gross proceeds of C$4.5 million -\nequivalent to £2.9 million.\n\nFollowing this option exercise Anglesey now holds 17,789,100 shares of LIM which\nrepresent 41% of LIM's 43,369,951 currently issued and outstanding shares.\n\nThe estimated net proceeds from this sale of £2.7 million after expenses will be\nreceived entirely by Anglesey and will be used for general corporate costs and\nworking capital purposes.\n\nChief Executive Bill Hooley commented \"We are very pleased that the underwriters\nhave exercised their option and this transaction has been completed. Anglesey\nnow has sufficient funds for its immediate requirements and is looking at using\nthe opportunity to demonstrate shareholder value at Parys Mountain, and to\ninvestigate and progress new activities. There are a number of possible projects\nthat have been under active review recently and we are pleased to have the\nfunding to properly evaluate and progress these projects where appropriate.\"\n\n\nAbout Labrador Iron Mines Holdings Limited\nLabrador Iron Mines Holdings Limited (TSX:LIM) is listed on the Toronto Stock\nExchange and is engaged in the exploration and development of direct shipping\niron ore deposits in western Labrador and north eastern Quebec near the historic\nSchefferville area iron ore district where mining of adjacent deposits was\npreviously carried out by the Iron Ore Company of Canada from 1954 to 1982.\nMining will be carried out in stages commencing with the James and Redmond\ndeposits which are located in close proximity to existing infrastructure.\nSubject to timely receipt of permits and licenses production of high-grade\nhematite is planned to commence in the summer of 2010.\n\nAbout Anglesey Mining plc\nAnglesey Mining with its LSE main board listing is primarily focused on its 41%\ninterest in LIM. In addition to any new projects that may be brought forward the...