10th Dec 2009 07:00
Sable Mining Africa Ltd/ Index: AIM / Epic: SBLM / Sector: Natural Resources
10 December 2009
Sable Mining Africa Limited ('Sable Mining' or 'the Company')
Placing to raise £27 million
Sable Mining Africa Limited, the AIM listed resource investment company, announces that it has conditionally raised £27 million (before expenses) by way of a placing of 270,000,000 new ordinary shares in the capital of the Company ('the Placing Shares'), with new and existing shareholders at a price of 10 pence per Placing Share ('the Placing').
The funds raised will be used to fulfil the Company's newly implemented investment strategy, approved at an EGM on 4 November 2009, to invest in early stage exploration and development projects focussing on coal and uranium mining assets in sub-Saharan Africa. The Company is currently evaluating various early stage exploration opportunities, which meet its investment criteria, focussing particularly on projects in Namibia, Botswana, Zimbabwe and Zambia.
Following completion of the Placing, the Placing Shares will represent approximately 45 per cent. of the enlarged issued share capital of the Company, which will then comprise 602,431,200 ordinary shares.
The Placing is inter alia conditional on admission of the Placing Shares being admitted trading on AIM ('Admission'). It is expected that Admission will occur, and dealings in the Placing Shares will commence, on 15 December 2009.
The Placing Shares will, when issued, rank pari passu in all respects with the existing issued shares of Sable Mining, including the right to receive any dividends and other distributions declared following Admission.
** ENDS **
For further information please visit www.sablemining.com or contact:
|
Andrew Groves |
Sable Mining Africa Ltd |
Tel: 0854 108 6060 |
|
Jeremy Gray |
Sable Mining Africa Ltd |
Tel: 0854 108 6060 |
|
Jonathan Wright |
Seymour Pierce Ltd |
Tel: 020 7107 8000 |
|
Hugo de Salis |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
|
Susie Callear |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
Related Shares:
Sable Mining Africa