SERABI MINING plc ("Serabi" or "the Company")
Result of Extraordinary General Meeting and completion of issue of
£12.5 million placing of new shares
Serabi Mining plc announces that at the Extraordinary General Meeting
of the Company held on 11 July 2007, shareholders approved all the
ordinary and special resolutions proposed in the notice of meeting
dated 15 June 2007. As a result all remaining conditions related to
the completion of the share placing, previously announced by the
company have now been met and the Board has authorised the issue of
29,069,768 new ordinary shares which will rank pari passu with the
existing shares in issue. Application has been made for the new
ordinary shares to be admitted to trading on 12 July 2007.
As a result of this issue of new ordinary shares and in conformity
with the Transparency Directive's transitional provision 6, the
Company would like to notify the market of the following:
The Company's capital consists of 140,139,065 ordinary shares with
voting rights.
The above figure of 140,139,065 may be used by shareholders as the
denominator for the calculations by which they will determine if they
are required to notify their interest in, or a change to their
interest in, the Company under the FSA's Disclosure and Transparency
Rules.
In his address to shareholders, Mr. Graham Roberts, Chairman of
Serabi stated:
"Our objectives for Serabi have not changed since its inception as a
private company seven years ago. We are seeking to build Serabi into
a mid-tier gold producer with more than 200,000 ounces of annual
production; ensure that this production can be achieved with cash
costs in the lower quartile of the world's producers; and ensure
longer term growth of mineral resources to support this.
We have always envisaged that short-term production growth potential
would most likely come from satellite deposits situated in close
proximity to the existing Palito Mine, known as the Jardim do Ouro
district. Recent exploration successes at the Ruari's Ridge and
Chico do Santo projects indicate that this strategy is well founded.
The funds that have been raised will in part be used to fast-track
the detailed evaluation of both of these prospects, potentially
leading to their near-term development, with a view to increasing
total annual production to between 60,000 and 70,000 ounces gold
equivalent. At the same time, and to prepare for our next milestone
of production of 100,000 ounces, we will also accelerate the
assessment of the wider Jardim do Ouro district in order to target
other mineralised areas that we believe exist and could form the
basis for achieving the aforesaid production goals.
The additional cash received will also enable us to introduce further
cost reduction measures and to allow us to competitively pursue the
best of the many other projects that we see in the Tapajos and other
parts of Brazil."
Enquiries
Serabi Mining plc
Graham Roberts Tel: 020 7220 9550
Chairman Mobile: 07768 902 475
Clive Line Tel: 020 7220 9550
Finance Director Mobile: 07710 151 692
Email: contact@serabimining.com
Website: www.serabimining.com
Numis Securities Limited
John Harrison Tel: 020 7260 1000
James Black Tel: 020 7260 1000
Parkgreen Communications
Clare Irvine Tel: 020 7851 7480
Shannon Leano Tel: 020 78517480
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