14th Mar 2006 07:04
Cluff Gold PLC14 March 2006 NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THEUNITED STATES OF AMERICA OR CANADA 14 March 2006 CLUFF GOLD PLC New Equity Placing by BMO Nesbitt Burns Cluff Gold plc (the "Company"), which is focused on developing its goldproperties in West Africa, today announces that BMO Nesbitt Burns Inc. hassigned a conditional placing agreement for the purposes of placing 22,600,000new ordinary shares of 1p each (the "Shares") in the Company at a placing priceof £0.68 per share, to raise approximately £15.4 million before expenses. Theplacing is conditional on, inter alia, shareholders of the Company passingresolutions to disapply pre-emption rights and to give the directors authorityto allot the Shares being passed at an extraordinary general meeting of theCompany's shareholders (expected to be held on 10 April 2006), and upon theShares being admitted to trading on AIM. The Shares are intended to be placedwith investors predominantly based in North America. Application has been madetoday for the Shares to be admitted to AIM. The Shares will rank pari passuwith existing ordinary shares and it is expected that admission will becomeeffective on or around 8 a.m. on 12 April 2006. The proceeds of the placing will enable the Company to: • investigate both the existing and potential mineralised target zones at the Baomahun Gold Project in Sierra Leone during the forthcoming field season, by further core drilling, trenching and soil sample geochemistry targeting the twelve-kilometre banded iron formation strike continuity; • undertake a drilling programme at the Angovia Gold Project ("Angovia") in Cote d'Ivoire to further define resources; • complete a heap leach facility feasibility study for Angovia based on targeting the near surface resources; • undertake additional drilling within the Kalsaka satellite deposits in Burkina Faso in order to increase reserves; • commence exploration on the Karbasso licence in Mali; and • other corporate purposes. For further information, please contact: Cluff Gold Numis Securities Parkgreen Communications J G Cluff / Douglas Chikohora John Harrison Cathy Malins / Annabel LeatherChairman / Technical Director Tel: +44 (0)20 7776 1500 Tel: +44 (0)20 7493 3713Tel: +44 (0)02 7340 9790 BMO Nesbitt Burns Inc. Sergei Chinkis Tel: +44 (0)207 664 8122 The information contained herein is not for publication or distribution,directly or indirectly, in or into the United States of America or Canada. ThisNotice is not an offer to sell or a solicitation of an offer to buy thesecurities in the United States. The securities will not be or have not beenregistered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration oran exemption from registration under the Securities Act. end This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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