Business
Re-admission to trading
Re-admission to trading.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n Mercator Gold PLC\n28 December 2005\n\n\nFOR IMMEDIATE RELEASE 28 December 2005\n\n\n MERCATOR GOLD PLC ('MERCATOR' OR 'THE COMPANY')\n\n RE-ADMISSION OF ORDINARY SHARE TO TRADING ON AIM\n PROPOSED ACQUISITION OF ASSETS FROM ST. BARBARA MINES LIMITED\n PROPOSED PLACING OF UP TO 26,400,0000 NEW ORDINARY SHARES AT\n 50P PER SHARE AFTER 1 FOR 10 SHARE CONSOLIDATION\n ADMISSION OF THE ENLARGED SHARE CAPITAL TO TRADING ON AIM\n NOTICE OF EXTRAORDINARY GENERAL MEETING\n\nOn 3 November 2005, the Company announced, further to the announcement on 28\nOctober 2005, the terms of the agreement to acquire St. Barbara's entire gold\nexploration and mining assets in the prospective Meekatharra Belt of Western\nAustralia, subject to Shareholder approval. The total purchase consideration\nwill comprise of A$18 million (£7.56 million) in cash and New Ordinary Shares\nplus the adoption of environmental bonding requirements of A$2.684 million\n(£1.13 million). Due to the size of the Acquisition in relation to the Group,\nthe transaction is classied as a 'Reverse Takeover' under the AIM Rules, and\nunder the terms of the Sale Agreement, St. Barbara will be receiving New\nOrdinary Shares equivalent to between 23.1 per cent. and 28.1 per cent.\n(depending upon the eventual size of the Placing) of the Enlarged Share Capital.\nAccordingly trading in the Company's Ordinary Shares was suspended on 28 October\n2005 pending the publication of an admission document.\n\nThe Company today announces that an admission document has been posted to\nShareholders and, in accordance with the AIM Rules, has requested that trading\nin the Ordinary Shares recommences today. The Acquisition is subject to the\napproval of Shareholders at the Extraordinary General Meeting, details of which\nare set out below. Application will be made for the Enlarged Share Capital to be\nadmitted to trading on AIM, subject to the Resolutions being passed by\nShareholders at the Extraordinary General Meeting and it is expected that\nAdmission will become effective and that trading in the Enlarged Share Capital\non AIM will commence on 20 January 2006.\n\nDETAILS OF THE ACQUISITION\n\nThe Acquisition will comprise the purchase of the following (the 'Meekatharra\nAssets'):\n\n • the 55 per cent. interest held by SBM in the Annean Joint Venture;\n\n • the 3 million tonne per annum Blu...