5th Apr 2007 14:24
Centamin Egypt Limited05 April 2007 Centamin Egypt Limited Announces Closing of First Tranche of Offering and Listing on the Toronto Stock Exchange Centamin Egypt Limited ("Centamin" or the "Company") (TSX:CEE, AIM:CEY, ASX:CNT)is pleased to announce that it has successfully closed the first tranche (the"First Tranche") of a total offering of 163,622,198 ordinary shares (the"Ordinary Shares") priced at C$0.86 for total proceeds C$140,715,090 (the"Offering"). Based on the Bank of Canada noon exchange rate on the day ofpricing, this implies pricing of approximately 38p or A$0.94, and gross proceedsof approximately GBP 62,382,599 or A$153,602,325. The First Tranche represented75,028,620 Ordinary Shares for gross proceeds of C$64,524,613. The secondtranche (the "Second Tranche") of 88,593,578 Ordinary Shares also priced atC$0.86 for gross proceeds of C$76,190,477, is expected to close on or aboutApril 11, 2007 following a meeting of shareholders to be held on April 10, 2007,which is to be held to approve the issuance of 100 million shares under theOffering. Westwind Partners Inc. acted as sole agent (the "Agent") for the Offering.Westwind Partners (UK) Limited, an affiliate of the Agent, acted as financialadviser to the Company. In addition, the Agent has been granted anover-allotment option to purchase up to an aggregate of 12,271,665 additionalordinary shares at C$0.86 per share, exercisable as to 5,627,147 ordinary sharesfor 30 days from the closing of the First Tranche and exercisable as to6,644,518 ordinary shares for 15 days from the closing of the Second Tranche. A prospectus dated March 23, 2007 was filed with and receipted in all provinces in Canada, except Quebec. The First Tranche of Ordinary Shares will begin trading on the Toronto StockExchange (the "TSX") today under the symbol "CEE". Application has been made forthese shares to be admitted to trading on AIM, and is being made for theseshares to be admitted to trading on the ASX. The Second Tranche of OrdinaryShares are expected to begin trading on the TSX on or about April 11, 2007. The proceeds from the Offering are to be used for partial funding of thedevelopment of the Sukari project, drilling to test for extensions to resourcesat the Sukari project, regional exploration programs, working capital, generalcorporate purposes, and expenses of the Offering. As a result of this raising,the Company has now secured the equity component of the project finance requiredto bring the Sukari project to production. The remaining capital required tofund the development of the Sukari project is expected to be raised through thecompletion of a project finance facility, the process of securing such facilityis currently underway. The board of directors of the Company are extremely pleased with the stronginterest shown in this capital raising by both existing shareholders and newinvestors, and are looking forward to developing Egypt's first modern gold minefollowing this successful funding milestone. Exploration is ongoing with 10 rigson site continuing to build on the Company's already substantial resource andreserve base. For Centamin Egypt Limited Josef El-RaghyManaging Director/CEOApril 5, 2007 For more information please contact: Centamin Egypt Limited Bishopsgate Communications Ltd Evolution SecuritiesPh: + 61 (8) 9316 2640 + 44 (0) 20 7562 3350 + 44 (0) 20 7071 4300Josef El-Raghy Maxine Barnes / Nick Rome Frank Moxon / Simon Leatherswww.centamin.com www.bishopsgatecommunications.com www.evosecurities.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Centamin PLC