Business
Filing of Preliminary Prospectus in Canada
Filing of Preliminary Prospectus in Canada.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n\n SERABI MINING plc (\"Serabi\" or \"the Company\")\n\n Filing of preliminary prospectus in Canada\n\nSerabi Mining, the AIM-traded gold exploration company, advises that further to\nits announcement of 3 December 2010 which stated it was seeking a listing of its\nshares on a recognized Canadian stock exchange, the Company has now filed a\npreliminary prospectus (\"the Preliminary Prospectus\") with certain of the\nsecurities regulators in Canada. The Preliminary Prospectus remains subject to\ncomments by the securities regulators and potential amendment, but will be the\nbasis for a final prospectus that will qualify the distribution of the ordinary\nshares and ordinary share purchase warrants issuable on the exercise of\n10,070,000 previously issued special warrants (the \"Special Warrant Offering\")\nalso announced by the Company on 3 December 2010.  The preliminary prospectus\nwill also to qualify the distribution of additional securities that the Company\nhas previously advised it may issue at the time that it completes the proposed\nlisting of its shares.\n\nThe Special Warrant Offering was completed on a private placement basis on 2\nDecember 2010. Fraser Mackenzie Limited acted as the Canadian placement agent\nfor the Special Warrant Offering. Each whole ordinary share purchase warrant\nissuable on exercise of the special warrants is exercisable for one ordinary\nshare at a price of $0.75 at any time prior to 5:00 p.m. (Toronto time) on\nDecember 2, 2012. As part of the conditions of the Special Warrant Offering,\nthe Company undertook to obtain a listing of its shares in Canada before 1 April\n2011. The Company at this stage expects that it will be in a position to\nfulfill this condition.\n\nThe ordinary shares will continue to be listed and traded in the UK on AIM.\n\n\nEXPLORATION STATUS\n\nDrilling activity is on-going at Palito and, as previously advised, the Company\nexpects to announce results from each of the nine target drilling areas for each\ndiscrete area as soon as its has received and interpreted all results from that\narea. The Company still hopes that first results will be available before end\nof the first quarter.\n\nThe previously announced 8,000 hectare helicopter borne VTEM survey was flown\nand completed during January and the Company is waiting for the...