ANGLESEY MINING PLC - Placing of New Shares for £0.3 million

Mittwoch, 30.11.2016 08:05 von

PR Newswire

30th November 2016                                                                    LSE: AYM

Placing of New Shares for £0.3 million

Anglesey Mining plc is pleased to announce that it has today agreed to issue 12,000,000 new ordinary shares, representing approximately 6.95% of the Company’s enlarged issued share capital, at 2.585 pence per share in a placement to institutions, to raise a total of £310,200.

The proceeds of issue will be used for project development of its 100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK and for general working capital.

The Parys Mountain property is a significant zinc, copper and lead deposit with small amounts of silver and gold, with a reported a resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category. An updated scoping study is currently being prepared by Micon International Limited and Fairport Engineering Limited, both of which are acknowledged experts and leaders in the resources sector.

The directors have authorised the issue of the new shares under the dispensation approved at the last AGM on 28th September 2016.  The new ordinary shares of 1 pence each to be issued in respect of this transaction will rank pari passu with the existing ordinary shares of the company. The transaction is conditional on the admission of the new ordinary shares to the Official List and to trading on the London Stock Exchange’s main market.

Application will be made for these shares to be admitted to both the Official List and to trading on the London Stock Exchange’s main market for listed securities and it is expected that such admission will become effective and dealings will commence on or 14th December 2016.

Following the allotment of these new ordinary shares becoming unconditional, the issued ordinary share capital of the company will be 172,608,051 ordinary shares of 1 pence each with voting rights; there are no shares held in treasury.  This figure may be used by shareholders as the denominator for the calculations which will determine whether they are required to notify their interest in the company, or any change to that interest, under the Financial Conduct Authority’s Disclosure and Transparency Rules.

Bill Hooley, CEO, stated “We are very pleased to announce this financing, which represents significant support for Anglesey Mining, and we look forward to completion of the updated scoping study and to expedite development of the Parys Mountain project.”

About Anglesey Mining plc

Anglesey is carrying out development and exploration work at its 100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK with a reported resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category

Anglesey holds a 6% interest and management rights to the Grangesberg Iron project in Sweden, together with a right of first refusal to increase its interest by a further 51%.

Anglesey also holds 15.3% of Labrador Iron Mines Holdings Limited which has direct shipping iron ore deposits in Labrador and Quebec and is currently undergoing a financial restructuring.

For further information, please contact:
Bill Hooley, Chief Executive +44 (0)1492 541981
Danesh Varma, Finance Director +44 (0)207 653 9881
Elliot Hance, Beaufort Securities+44 (0)207 382 8300