Business
Acquisition of significant interest in Kalahari...
Acquisition of significant interest in Kalahari....
About this update from Emmerson Plc
[{"type":"text","content":"\n \nFor immediate release: 0700hrs 10 December 2008\n\n Emerging Metals Limited \n\n (\"EML\", \"Emerging Metals\" or \"the Company\")\n\n Acquisition of significant interest in Kalahari Minerals Plc \n\nThe Directors of Emerging Metals Limited (AIM: EML), the mining company focused\non minor and emerging metals, are pleased to announce that under the terms of a\nconditional placing agreement (\"the Placing\") dated 09 December 2008 the\nCompany has subscribed for 6,250,000 new ordinary shares in Kalahari Minerals\nPlc (\"Kalahari Minerals\") at a price of 32 pence per share (\"the\nSubscription\"). The Placing, which was announced yesterday by Kalahari\nMinerals, was for a total of 12,353,125 new ordinary shares in Kalahari\n(\"Placing Shares\"), under the terms of the Placing the Subscription is\nconditional on the admission of the Placing Shares to trading on AIM.\n\nIn addition the Company had previously made on-market purchases of 4,995,000\nordinary shares in Kalahari Minerals (\"Kalahari Ordinary Shares\") at an average\nprice of 38.8 pence per Kalahari Ordinary Share representing approximately 2.99\nper cent of Kalahari's existing share capital prior to the Placing.\n\nOn admission of the Placing Shares to trading on AIM Emerging Metals will own a\ntotal of 11,245,000 Kalahari Ordinary Shares representing approximately 6.28\nper cent of the enlarged issued share capital of Kalahari Minerals.\n\nThe total cost of the on-market purchases was £1,939,387.87, including\ncommissions, and the cost of the Subscription was £2,000,000 giving a total\ninvestment cost of £3,939,387.87, all of which is being funded from the\nCompany's existing cash balances. Following these transactions, the Company\nwill have remaining cash resources of approximately £7.3 million equivalent.\n\nThe Directors of Emerging Metals believe that the acquisition of a substantial\nstake in Kalahari Minerals provides Emerging Metals with exposure to a world\nclass uranium deposit in Namibia and a further diversification of its exposure\nto the class of minor and emerging metals. Namibia is already a well\nestablished uranium producer with a reputation for a positive approach to the\ndevelopment of mining projects.\n\nInformation on Kalahari Minerals\n\nKalahari Minerals is an AIM traded exploration and development company whose\nprincipal asset is a 39....