Business
Result of EGM
Result of EGM.
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 Result of Extraordinary General Meeting and completion of issue of\n £12.5 million placing of new shares\n\n\nSerabi Mining plc announces that at the Extraordinary General Meeting\nof the Company held on 11 July 2007, shareholders approved all the\nordinary and special resolutions proposed in the notice of meeting\ndated 15 June 2007. As a result all remaining conditions related to\nthe completion of the share placing, previously announced by the\ncompany have now been met and the Board has authorised the issue of\n29,069,768 new ordinary shares which will rank pari passu with the\nexisting shares in issue. Application has been made for the new\nordinary shares to be admitted to trading on 12 July 2007.\n\nAs a result of this issue of new ordinary shares and in conformity\nwith the Transparency Directive's transitional provision 6, the\nCompany would like to notify the market of the following:\n\nThe Company's capital consists of 140,139,065 ordinary shares with\nvoting rights.\n\nThe above figure of 140,139,065 may be used by shareholders as the\ndenominator for the calculations by which they will determine if they\nare required to notify their interest in, or a change to their\ninterest in, the Company under the FSA's Disclosure and Transparency\nRules.\n\nIn his address to shareholders, Mr. Graham Roberts, Chairman of\nSerabi stated:\n\n\"Our objectives for Serabi have not changed since its inception as a\nprivate company seven years ago. We are seeking to build Serabi into\na mid-tier gold producer with more than 200,000 ounces of annual\nproduction; ensure that this production can be achieved with cash\ncosts in the lower quartile of the world's producers; and ensure\nlonger term growth of mineral resources to support this.\n\nWe have always envisaged that short-term production growth potential\nwould most likely come from satellite deposits situated in close\nproximity to the existing Palito Mine, known as the Jardim do Ouro\ndistrict. Recent exploration successes at the Ruari's Ridge and\nChico do Santo projects indicate that this strategy is well founded.\n\nThe funds that have been raised will in part be used to fast-track\nthe detailed evaluation of both of these prospects, potentially\nleading to their near-term development, with a view to increasing\...