Business
Proposed Placing
Proposed Placing.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n Vane Minerals PLC\n02 November 2007\n\n\n\n2 November 2007\n\n\n\n\n VANE Minerals PLC\n\n ('VANE' or the 'Company')\n\n\n Proposed Placing\n\n\n\nVANE Minerals PLC (AIM:VML) is pleased to announce that the Company has\nprovisionally allocated an issue of 28,571,428 ordinary shares ('Ordinary \nShares') to placees with a view to raising gross proceeds of approximately \n£5 million at a placing price of 17.5p per Ordinary Share ('Proposed Placing').\n\n\nCompletion of the Proposed Placing remains subject to the placees who comprise\ninstitutional investors in Canada and the United Kingdom, entering into formally\nbinding subscription agreements. The Proposed Placing is also conditional, inter\nalia, on the approval of the Company's shareholders being granted for the issue\nof the Ordinary Shares.\n\n\nThe net proceeds of the Proposed Placing are to be used primarily for\naccelerating VANE's breccia pipe drilling campaign in northern Arizona, where\nthe Company has 39 drill targets, and for proceeding to further rounds of\ndrilling on the Company's six properties in Utah. It is envisaged that further\ndrilling at the North Alice Extension and North Wash in Utah should enable the\nCompany to produce a Canadian National Instrument 43-101 complaint resource\nstatement in the early part of 2008.\n\n\nAs previously notified to shareholders, VANE continues to be in discussions with\na number of entities regarding potential joint venture/ acquisition\nopportunities, all of which the Company is confident could add significantly to\nthe Company's portfolio of assets.\n\n\nWestwind Partners (UK) Limited is acting as lead agent (the 'Lead Agent') for\nthe Proposed Placing in Canada and the United Kingdom and Ambrian Partners\nLimited is acting as broker to the Proposed Placing in the United Kingdom.\n\n\nMatthew Idiens, Executive Director, commented 'The Board of VANE is extremely\npleased with the interest shown in the capital raising by new investors,\nespecially from North America where our assets are primarily based and we are\nlooking forward to accelerating drilling with the intention of producing a\nresource statement early next year'.\n\n\nIt is expected that the necessary Extraordinary General Meeting (the 'EGM') will\nbe convened and that the Placing will be completed on or before 30 November 2007\n(or such later date as the Co...