30th Apr 2009 07:00
30th April 2009
Amur Minerals Corporation
(AIM: AMC)
PLACING TO RAISE £180,000
(the "Placing")
Amur Minerals Corporation ("Amur" or the "Company") announces that it has entered into a placing letter to raise £180,000 by way of a placing of 6 million ordinary shares (the "Placing Shares") at 3p each ("Placing Price"). Wills & Co Stockbrokers Ltd has subscribed for the entire placing, representing 4.7 per cent. of the enlarged share capital of the Company.
Amur intends to use the proceeds of the Placing primarily to fund ongoing programmes at Kun-Manie, the Company's main nickel exploration project in the Amur region of Far East Russia, as well as for general operating expenses.
The Placing Price of 3 pence per share represents a 111 per cent. premium to the average middle market closing price of 1.21 pence per share for the month of April 2009. Following the admission of the Placing Shares to trading on AIM, the Company will have 127,703,938 shares in issue.
Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and it is expected that Admission will become effective and trading will commence on 7 May 2009. The Placing Shares will, when issued and fully paid, rank pari passu in all respects with the Company's existing shares, including the right to receive any dividend or other distribution thereafter declared, made or paid.
Enquiries:
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Company Amur Minerals Corp. |
Nomad and Broker RBC Capital Markets |
Public Relations Lothbury Financial |
|
Robin Young |
Martin Eales |
Michael Padley |
|
CEO |
Libby Moss |
|
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+44 (0) 7981 126 818 |
+44 (0) 20 7029 7881 |
+44 (0) 20 7011 9411 |
Notes to Editors
Amur Minerals Corporation is a mineral resource development company focused on base metal projects located in the far east of Russia where it has three projects. Its recent JORC compliant resource estimate for its flagship Kun-Manie project is 341,000 tonnes of contained nickel and 95,500 tonnes of copper and this is expected to increase as further exploration is completed. This resource, which has been identified and progressed in only 16 months of field work is one of the largest nickel sulphide discoveries since Voisey's Bay.
An independently compiled pre-feasibility study of Kun-Manie conservatively indicates a Post Tax NPV (10%) of $84 million with an IRR of 15.7%. The study contemplates producing 16,000 tonnes of nickel per year in concentrate from three deposits drilled to date on the Kun-Manie license as well as noting considerable upside potential.
For further information about Amur, please visit the Company's website at www.amurminerals.com.