Financing - raising of £1.16 million confirmed
Anglesey Mining plc is pleased to report the success of its Placing, first
announced on 26 January 2006. The fund raising has been completed for the target
figure of £1,160,000 before expenses by way of a private placing of 9,666,667
new ordinary shares at 12 pence per share to 22 institutional and/or
sophisticated investors.
Application has been made for the new ordinary shares to be admitted to trading
on the main board of the London Stock Exchange and dealings in shares are
expected to commence on 13 February 2006. The shares will rank pari passu with
existing shares. Following the placing there will be 137,508,051 shares in
issue.
The funds from the placing will be applied to feasibility work together with
ongoing exploration and development work at the company's two projects: Parys
Mountain copper-zinc and Labrador iron.
At Parys Mountain, Anglesey the company is carrying out exploratory drilling and
updating the existing Project Plan and Feasibility Study for the 6.5 million
tonne copper-zinc-lead deposit at 10.3% combined grades.
In Labrador, Canada the company is preparing a first phase feasibility report on
100 million tonnes of direct-shipping hematite iron ore where it holds an option
to enter into a 70% joint venture which plans to mine and ship 2 million tonnes
per annum of iron ore initially, increasing to 5 million tonnes per annum.
The funds will also be applied to working capital, strategic developments and
general corporate purposes.
Contacts:
Ian Cuthbertson, Finance Director + (44) 1248 361333
Bill Hooley, Executive Director + (44) 1492 541981
John F. Kearney, Chairman + (1) 416 362 6686
Cathy Malins / Annabel Leather,
Parkgreen Communications + (44) 20 7493 3713