Anglo-African Minerals plc
Anglo-African Minerals plc: Rights Issue
Anglo-African Minerals plc / Key word(s): Funds/Corporate Action 25.11.2011 / 19:37 --------------------------------------------------------------------- Company: Anglo-African Minerals plc Symbol: FSE: AMQ, ISIN: IE00B66ML191 WKN A0N9YH Release Date: 8 July 2011 Anglo-African Minerals Plc - Rights Issue The Directors of Anglo-African Minerals plc (FSE: AMQ) the special situations mining investment company announces a proposed 1 for 5 Rights Issue of 10,583,279New Ordinary Shares at EUR0.10 per Ordinary Share to raise EUR1,008,328 (net of expenses) . The price of EUR0.10 per Ordinary Share represents an eighty-five per cent. discount to the closing price of an Ordinary Share of EUR0.68 on 6 July 2011 (being the latest practicable date prior to the announcement of the Rights Issue). The Rights Issue is underwritten. There have been a number of developments since November 2010 when the Company acquired its 62 per cent interest in Toubal Group Limited, which owns all of the issued shares of Tougué Bauxite and Alumina Corporation S.A. (TBAL), a company incorporated in Guinea. TBAL owns a bauxite exploration permit covering 1,500 km2 close to the town of Tougué. The Directors believe that this permit area has the potential to become a very significant bauxite resource on a global scale. Bauxite is the raw material for the production of aluminium. Under the terms of the Toubal shareholder's agreement (with four shareholders who collectively own the remaining 38 per cent. of Toubal) the Company is required to spend US$2 million (EUR1.4 million) on developing TBAL. To that end the Company has raised secured debt finance of up to EUR1.25 million, with an option to convert in to ordinary shares at EUR0.25 per share, which has been largely drawn to finance confirmatory drilling and test work on the TBAL licence with a view to upgrading the historic resource data to acceptable western standards. Some of the Rights Issue funds may be used to repay the borrowings should the debt not be converted into Ordinary Shares at the time of a listing of the issued share capital of Toubal on a recognised stock exchange, within the fourth quarter of this year. Contact: Mr Michael Smith - Chairman of Anglo-African Minerals plc Tel: +44 20 73185383 End of Corporate News --------------------------------------------------------------------- 25.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 147748 25.11.2011
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