Vane Minerals PLC
21 September 2007
21st September 2007
VANE Minerals Plc (AIM: VML)
Convertible Loan Note
Vane Minerals Plc ('VANE' or 'the Company') is pleased to announce that on 19th
September it agreed in principle to issue to City Natural Resources High Yield
Trust a £500,000 convertible loan note with an 8% coupon convertible at 24.37p
per share, representing a 30% premium to the then mid market share price of
18.75p.
These funds will be used to continue the aggressive drilling programme on the
Company's uranium assets which is targeted towards both the Breccia Pipes and
Utah projects. The Convertible is subject to completion of legal documentation
and Board approval, which is expected to be finalised within 7 working days.
Matthew Idiens, Director of Corporate Development, commented, 'We are encouraged
that City Natural Resources is able to show this level of support and confidence
in the Company and its assets. The funds will enable us to prove up our uranium
projects in the US and further strengthen our portfolio'.
Enquiries:
VANE Minerals Plc Ambrian Partners Limited Parkgreen Communications
Matthew Idiens Richard Brown Laura Llewelyn / Beth Harris
+44 (0) 20 7667 6322 +44 (0) 20 7776 6417 +44 (0) 20 7851 7480
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