Business
Admission to trading on AIM
Admission to trading on AIM.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n RNS Number : 3196V African Mining & Exploration PLC 01 November 2010 \n\n \n \n \n \n \nAFRICAN MINING & EXPLORATION PLC\n(\"AME\" or the \"Company\")\n \nADMISSION TO TRADING ON AIM\n \nAfrican Mining & Exploration Plc (LSE-AIM: AME), a group focused on the exploration and development of gold assets in West Africa, today announces the placing of 50,000,000 new Ordinary Shares of 1 pence each to new investors and the admission of the Ordinary Shares to trading on the AIM Market of the London Stock Exchange.\n \nSinger Capital Markets Limited is acting as the Company's nominated adviser and broker in relation to the Placing and Admission.\n \nAdmission Details\n \n\n\n\n\nNumber of Existing Ordinary Shares\n\n\n20,811,500\n\n\n\n\nNumber of Placing Shares\n\n\n50,000,000\n\n\n\n\nPlacing Price\n\n\n10p\n\n\n\n\nNet proceeds of the Placing to be received by the Company\n\n\n£4.3 million\n\n\n\n\nIssued share capital following Admission\n\n\n70,811,500\n\n\n\n\nNumber of Warrants in issue following Admission\n\n\n70,811,500 \n\n\n\n\nMarket capitalisation of the Company at the Placing Price on Admission\n\n\n£7.1 million\n\n\n\n\n \n \nCompany background\nAME is the holding company of a group focussed on the exploration and development of gold assets in West Africa. Through New Mines, which was acquired by the Company upon Admission, the Group holds mining exploration permits for the Karan and Diatissan Permit Areas which are located in Western Mali.\n \nThe Company's principal objective is to discover and mine commercially viable gold deposits for the benefit of Shareholders and the welfare of the communities where the Group will operate.\n \nMali is a country with a well-established mining sector and it is the Company's intention to maximise the benefits inherent in a mining friendly environment where local expertise, skills and mining infrastructure already exists.\n \nThe Directors believe that significant potential exists for the discovery of new economic gold mines in Mali and the presence of a significant number of well established gold producers offers scope for future joint ventures and other business arrangements likely to be beneficial to Shareholders.\n \nThe Board has a proven track record in African gold exploration an...