Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Directors Buy Stock in Placing

3rd Mar 2009 13:30

RNS Number : 2301O
Norseman Gold PLC
03 March 2009
 



Norseman Gold plc / Epic: NGL / Index: AIM / Sector: Mining & Exploration

3 March 20009

Norseman Gold plc ('Norseman Gold' or the 'Company')

 Directors Holdings

Further to Norseman Gold's announcement today of a placing to raise £5m ('Placing') and a conversion of certain loan notes ('Conversion'), the Company confirms the following directors' purchase of new ordinary shares of 0.025p each in the Company ('Ordinary Shares') as part of the Placing and Conversion.

Through a conversion of A$500,000 of loan notes, Barry Cahill, CEO of the Company, received 2,850,000 Ordinary Shares at a price of 8 pence per share. Following the Conversion, Barry Cahill now holds an interest in 2,950,000 Ordinary Shares representing 2.02% of the total voting rights of the Company.

As part of the Placing, Michael de Villiers, Non-Executive Director of the Company, purchased 100,000 Ordinary Shares at a price of 8 pence per share. Following this purchase Michael de Villiers now holds an interest in 620,000 Ordinary Shares representing 0.42% of the total voting rights of the Company.

As part of the Placing, Vince Pendal, Chairman of the Company, purchased 1,750,000 Ordinary Shares at a price of 8 pence per share. Following this purchase Vince Pendal now holds an interest in 2,550,000 Ordinary Shares representing 1.75% of the total voting rights of the Company.

* * ENDS * *

For further information visit www.norsemangoldplc.com or contact:

David Steinepreis Norseman Gold Plc 07913 402727

Romil Patel/Olly Cairns Blue Oar Securities Plc 020 7448 4400

Guy Wilkes Ocean Equities Ltd 020 7786 4370

Hugo de Salis St Brides Media & Finance Ltd 020 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 745 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.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RDSGGGGFFFLGLZM

Related Shares:

Norseman Gold
FTSE 100 Latest
Value8,992.12
Change19.48