28th Sep 2005 07:04
Albidon Limited28 September 2005 Suite 1 Hillway House 141 BroadwayAlbidon Limited Nedlands 6009 Western Australia ARBN 107 288 755 Tel:x+61x8x9389 6300 Fax:x +61x8x9389 6400 Email: [email protected] ASX Code: ALB AIM Code: ALD via electronic lodgement ALBIDON RAISES £5.5M TO ACCELERATE ITS AFRICAN NICKEL PROJECTS Albidon has agreed to place 21 million shares at 62c (26p) each to raiseapproximately A$13 million (£5.5 million) before expenses. The placement is being handled by RBC Capital Markets, African Lion 2 Limited,Numis Securities, Haywood Securities and Austock Group Ltd. The raising will beundertaken as an exempt issue primarily to institutional investors located inthe United Kingdom, Australia and Canada. This capital raising will fund completion of the Feasibility Study on theEnterprise Deposit at the Munali Nickel Project, Zambia. Proceeds of theplacement will also fund an acceleration of planned nickel drilling andexploration programs as follows: - Continuation of the step-out extensional drilling aimed at expanding the Enterprise resource. - Follow-up drilling to delineate the new massive sulphide nickel discovery 800m to the north of the Enterprise Deposit. - Drilling to test additional target zones defined by geophysics and geology within the Munali Intrusion. - Systematic exploration to locate new nickel deposits within the Munali district and surrounding region (geophysics and drilling). - Follow-up exploration of new Project Areas nominated in the Tati nickel-platinum JV in Botswana. The Company will issue up to 8.9 million shares within 14 days utilising its 15%capacity under ASX Listing Rule 7.1. The balance of the issue will be subjectto shareholder approval. The Company will convene a meeting of shareholders toratify and approve the placement as soon as practicable. Albidon is pleased with the strong institutional interest in its emerging nickelprojects as represented by the participation in and support for this capitalraising. By order of the BoardAlbidon Limited If you have any queries please contact the Chief Financial Officer, Nicholas Dayon +61 8 9389 6300 or email [email protected] Additional information may also be viewed on Albidon's website atwww.albidon.com NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION INTHE UNITED STATES This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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