8th Jun 2006 08:00
Summit Resources plc08 June 2006 Summit Resources plc8 June 2006 Placing and Admission to AIM Summit Resources plc ('Summit' or the 'Company'), announces that, with effect from 8.00am today (8 June 2006), its existing ordinary shares of 0.07p each ('Ordinary Shares') and new ordinary shares ('Placing Shares') issued pursuant to a successful placing, have been admitted to AIM. Ruegg & Co Limited is acting as the nominated adviser and Hichens, Harrison & Co. plc as broker to theCompany. Summit has been established for the purpose of making investments and/oracquisitions in the mining and minerals sector, which may include mining orexploration projects in minerals, base metals and precious metals. Summit will primarily focus on investment and acquisition opportunities inSouthern Africa, the former Soviet Union and the USA. Summit's interest in aproposed investment and/or acquisition may range from a minority position to 100per cent. ownership. The proposed investments may be either quoted or unquotedand may be in companies, partnerships, joint ventures or direct interests inmining projects. It is intended that Summit will make investments which are in the developmentand/or production stages, however the Directors may decide that the Companyshould invest in exploration assets where some exploration expenditure hasalready been made. The Directors intend to actively monitor any investments and/or acquisitions made by the Company. Key Statistics Placing Price 2pNumber of Placing Shares 183,924,000 Number of Ordinary Shares in issue immediately following the Placing 267,868,264 Market Capitalisation of the Company at the Placing Price on Admission GBP5,357,365 Percentage of the issued share capital represented by the Placing Shares 68.66% Estimated net proceeds of the Placing GBP3,438,480 Ends For further information, please contact: Hichens, Harrison & Co. plc 020 7382 4451Adam Wilson Ruegg & Co Limited 020 7584 3663Gavin BurnellBrett Miller This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Atlantic Coal