Business
Themac Raises C$10,200,000 from Marley Holdings...
Themac Raises C$10,200,000 from Marley Holdings....
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Themac Raises C$10,200,000 from Marley Holdings for Development of \n Copper Flat Project\n \n \n\n \n Electrum Resources plc\n \n \n\n \n \n \n ELECTRUM RESOURCES plc\n \n \n (“Electrum Resources”, “Electrum” or the “Company”)\n \n \n AIM: ECR\n \n \n US OTC: MTGDY\n \n \n THEMAC RAISES C$10,200,000 FROM MARLEY HOLDINGS FOR DEVELOPMENT OF \n COPPER FLAT PROJECT\n \n \n London: 8 November 2010 – Electrum Resources plc, the diversified \n mineral and renewable energy development company, is pleased to draw \n attention to the announcement made today by THEMAC Resources Group Ltd \n (“THEMAC”) (TSXV: MAC.H) regarding a C$10,200,000 financing of THEMAC by \n Marley Holdings Pty Ltd (“Marley Holdings”), THEMAC’s majority \n shareholder.\n \n \n Highlights:\n \n \n \n Marley Holdings (or its affiliate Tulla Resources Group Pty Ltd) to \n purchase 40,000,000 units of THEMAC, each unit consisting of one \n common share and one common share purchase warrant, at $0.255 per unit \n for total proceeds of C$10,200,000 (the “Financing”). Each warrant \n will entitle the holder to purchase a further common share for a \n period of five years from closing of the Financing, at C$0.34 per \n common share\n \n \n The Financing is expected to enable completion of the purchase by \n THEMAC of Electrum’s exclusive option (the “Option”) over a 100% \n interest in the Copper Flat copper-molybdenum-gold-silver project in \n New Mexico, USA (the “Transaction”) and to provide funding for the \n exercise of the Option thereafter\n \n \n The proceeds of the Financing will also fund ongoing feasibility, \n permitting and other development work at the Copper Flat project\n \n \n The Financing is to be completed concurrently with the Transaction and \n is subject to the approval of the TSX Venture Exchange and the \n disinterested shareholders of THEMAC. Shareholder approval will be \n sought at THEMAC’s AGM to be held in December 2010\n \n \n After completion of the Transaction and the Financing, Electrum’s \n total shareholding in THEMAC will be 14.5 million common shares, \n equivalent to approximately 20% of THEMAC’s issued common shares. \n Electrum will also hold a total of 14.5 million common share purchase \n warrants of THEMAC. Exercise of Electrum’s warrants would allow the \n Company to increase its shareholding to approximately 33% o...