5th May 2009 07:00
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5 May 2009 |
AIM: GMA |
GMA Resources Plc
Placing of 34,000,000 new ordinary shares to raise £1,020,000
GMA Resources Plc ("GMA" or "the Company") announces that it has raised £1,020,000, before expenses, by way of a placing ("Placing") of 34,000,000 new ordinary shares of £0.01 each ("Placing Shares") at 3 pence per share. The Placing Shares, which have been conditionally placed with both new and existing shareholders, will represent 7.97 per cent of the enlarged issued share capital of the Company.
The proceeds of the Placing will be used for general working capital purposes.
Application has been made for the Placing Shares to be admitted to trading on AIM ("Admission"), which is expected to take place on 8 May 2009. Following Admission, there will be a total of 426,366,270 ordinary shares in issue.
Douglas Perkins, CEO of GMA, commented:
"We are pleased to have been able to conclude this funding round quickly, with encouraging demand from both existing and new shareholders. Having secured working capital for the foreseeable future, we can concentrate on building up to steady state production levels and progressing the Company's planned exploration activity."
Enquiries:
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GMA Resources Plc
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Douglas Perkins |
+1 514 806 6788 |
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John East & Partners Limited (Nomad)
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Bidhi Bhoma |
+44 (0) 20 7628 2200 |
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Mirabaud Securities Limited (Broker)
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Jonathan Colvile |
+44 (0) 20 7878 3360 |
Notes to Editors:
GMA owns a controlling 52% stake in ENOR spa ("ENOR"), the Algerian based operating company for the Tirek-Amesmessa project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.
ENOR holds the exploitation authorisation to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city, Tamanrasset, in southern Algeria. Amesmessa is an open pit heap leach gold mine located in the extreme south of the permit area. The Tirek gold mine is located centrally in the northern third of the exploration permit area, some 60 km north of Amesmessa. Research to date suggests that the Zita Zone, which lies between Tirek and Amesmessa, offers considerable potential for the development of additional prospects amenable to open-pit mining. GMA plans to quickly expand upon resources outside of the major 80km Tirek-Amesmessa fault north/south of the concession.
GMA's shares are traded on the AIM market of the London Stock Exchange (AIM: GMA).
For further information on the Company, please visit: www.gmaresources.co.uk
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