24th Jun 2009 07:18
Norseman Gold plc / Epic: NGL / Index: AIM / Sector: Mining & Exploration
24 June 2009
Norseman Gold Plc ('Norseman Gold' or 'the Company')
Completes ASX dual listing and raises A$9,000,000
Norseman Gold, the AIM-listed Australian gold production company, is pleased to announce that, further to its announcement of 15 May 2009, the dual listing of its shares will commence trading on the Australian Securities Exchange ('ASX') on 25 June 2009.
The fund raising that was undertaken as part of the dual listing, which was fully subscribed and raised a total of A$9,000,000 for the Company through the placing of 20,000,000 new ordinary shares at an issue price of 45 cents, has now gone unconditional.
The majority of the funds raised from the offer are for the purpose of funding resource drilling of the OK Decline and North Royal deposits, and to bring them into production as a third mine to provide additional ore for the under-utilised Phoenix processing plant.
Application has been made to have the new ordinary shares admitted to trading on AIM. Trading is expected to occur on 25 June 2009. The new ordinary shares will rank pari passu with the existing issued ordinary shares in the Company. Following the issue of the new ordinary shares Norseman Gold's capital will consist of 171,860,000 ordinary shares of 1.25p each with voting rights.
The details of the interests of the Directors in the Company are as follows:
|
Director |
Director participation in Australian IPO |
Shareholding after the Issue of Shares |
Percentage of enlarged share capital |
|
Barry Cahill |
382,000 |
5,202,000 |
3.03% |
|
David Steinepreis |
1,000,000 |
4,720,000 |
2.75% |
|
Vincent Pendal |
- |
3,050,000 |
1.77% |
|
Gary Steinepreis |
1,000,000 |
3,700,000 |
2.15% |
|
Michael DeVilliers |
- |
620,000 |
0.36% |
**ENDS**
For further information visit www.norsemangoldplc.com or contact:
|
David Steinepreis |
Norseman Gold Plc |
Tel: +44 (0) 7913 402 727 |
|
Barry Cahill |
Norseman Gold Plc |
Tel: +61 (0) 8 9473 2200 E-mail: [email protected] |
|
Guy Wilkes |
Ocean Equities Ltd |
Tel: +44 (0) 20 7786 4370 |
|
William Vandyk |
Astaire Securities plc |
Tel: 020 7448 4400 |
|
Hugo de Salis / Isabel Crossley |
St Brides Media & Finance Ltd |
Tel: +44 (0) 20 7236 1177 |
Note to editors:
Norseman Gold plc is an AIM listed Australian gold production company, which acquired the Norseman Gold Project in May 2007, Australia's longest continually running gold operation. The Norseman Gold Project is located in the Eastern Goldfields of Western Australia in the highly prospective Norseman-Wiluna greenstone belt, 725km east of Perth and 186km from Kalgoorlie.
Gold was first found on the Norseman field in 1894 and over the last 65 years it has produced over 5.5 million oz of gold. The mine is currently producing from two high-grade narrow-vein underground gold mines - the Bullen and the Harlequin. Currently, it has a total resource inventory of 21.0 Mt at a grade of 5.4 g/t gold for 3.6 Moz of gold.
The tenements cover a 1,614 sq km area centred on the Norseman Township. The landholding comprises 179 contiguous tenements consisting of 13 Exploration Licences, 106 Mining Licences, 45 Prospecting Licences, 15 Miscellaneous Licences and 29 Mining Lease Applications.
The Company's strategy is focused on extending the mine life through the conversion of resources into reserves and identifying additional resources and obtaining additional ore for the operating mill through re-treatment of tailings or acquisitions of alternative sources of ore.
Related Shares:
Norseman Gold