1st May 2009 09:02
Norseman Gold plc / Epic: NGL / Index: AIM / Sector: Mining & Exploration
NORSEMAN GOLD PLC
('Norseman Gold' or the 'Company')
Issue of Shares
Director Shareholdings
Norseman Gold has issued a total of 5,820,000 new ordinary shares in the Company to certain Directors, including Barry Cahill, David Steinepreis, Vincent Pendal, Gary Steinepreis and key management (or their associates) under the terms of agreements dated 29 March 2007.
These agreements provided for the issue of ordinary shares in the Company as consideration for the satisfaction of the debt for services provided in relation to the bid for, and acquisition of, Central Norseman Gold Corporation Ltd (CNGC). The agreements provided for the ordinary shares to be issued on the second anniversary of the Re-Admission of the Company to trading on AIM following the acquisition of CNGC. Further information on these agreements is to be found in the Company's Re-Admission Document dated 29 March 2007 and its announcement dated 12 September 2007.
The detail of the shares that were issued to Directors, together with the ongoing interests of the Directors in the Company, are as follows:
|
Director |
Note |
Shares Issued |
Shareholding after the Issue of Shares |
Percentage of enlarged share capital |
|
Barry Cahill |
1 |
1,870,000 |
4,820,000 |
3.17% |
|
David Steinepreis |
2 |
1,850,000 |
3,720,000 |
2.45% |
|
Vincent Pendal |
3 |
500,000 |
3,050,000 |
2.01% |
|
Gary Steinepreis |
4 |
1,000,000 |
2,700,000 |
1.78% |
|
Michael DeVilliers |
- |
620,000 |
0.41% |
Notes
1. Shares issued to Infinity Resources Pty, a company associated with Barry Cahill
2. Shares issued to Pelamis Investments Limited, a company associated with David Steinepreis
3. Shares issued to Ardlussa Pty Ltd, a company associated with Vincent Pendal
4. Shares issued to LeisureWest Consulting Pty Ltd, a company associated with Gary Steinepreis
Application has been made to have the new ordinary shares admitted to trading on AIM. Trading is expected to occur on 6 May 2009. The new ordinary shares will rank pari passu with the existing issued ordinary shares in the Company.
Following the issue of the Ordinary Shares Norseman Gold's capital will consist of 151,860,000 ordinary shares of 1.25p each with voting rights.
* * ENDS * *
For further information visit www.norsemangoldplc.com or contact:
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