26th Jun 2006 07:02
ZincOx Resources PLC26 June 2006 Press Release 26 June 2006 ZincOx Raises £14.9 million for the acquisition of Big River Zinc ZincOx Resources plc ("ZincOx" or the "Company") (Symbol ZOX) has raisedapproximately £14.9 million net of expenses in a placing (the "Placing")arranged by Numis Securities Limited ("Numis"). The Placing involves the issueof 7,633,935 new ordinary shares in the Company at a price of £2.05 per share.Immediately following the Placing the total number of shares in issue will be45,482,727. The proceeds from the Placing will be used principally to fund the£8.1 million acquisition of the Big River Zinc smelter in Sauget, Illinois fromKorea Zinc Co. as announced on June 5th 2006 and to meet the increased capitalcost of the Aliaga Recycling Project in Turkey, as announced on 2nd June 2006. Commenting on the announcement, Andrew Woollett, ZincOx's chairman, said "Wewere delighted with the response we have had from our institutionalshareholders, with several increasing their interest in the Company. I amparticularly pleased that TeckCominco has decided to contribute to the fundingby maintaining its interest in the Company, Their renewed interest is part of arecent strengthening of the relationship with TeckCominco that will include itsappointment of a new non-executive director to our board and we look forward toworking more closely with TeckCominco in the future". Placing Statistics Under the Placing, the Company has conditionally placed 7,633,935 new ordinaryshares of 25p each (the "New Shares") at a placing price of 205p per share toraise approximately £15.6 million before expenses (approximately £14.9 millionafter expenses). The Placing has been arranged by Numis who have alsounderwritten the issue. The Placing is conditional, inter alia, upon the placingagreement between ZincOx and Numis becoming unconditional and not beingterminated prior to 29 June 2006, the expected date of admission, or such laterdate (being no later than 6 July 2006) which the Company and Numis may agree.The New Shares will rank pari passu in all respects with the existing ordinaryshares of 25 pence each in issue. It is expected that dealings in the New Shareswill commence on AIM on 29 June 2006. For more information please contact: Andrew Woollett John Harrison / James Black Laurence Read ZincOx Resources plc Numis Securities Ltd Conduit PR Tel:+44 1276 450100 Tel: +44 207 776 1500 Tel: +44 207 7429 6666 [email protected] [email protected] [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Zincox Resources Plc