23rd Dec 2009 09:09
AIM: EMED 23 December 2009
RESULT OF EGM
SHAREHOLDER APPROVAL OF £3.27 MILLION PLACING
EMED Mining Public Limited (the "Company") is pleased to announce that its shareholders approved the resolution proposed at its Extraordinary General Meeting today as set out in the circular to shareholders dated 5 December 2009.
The resolution enabled the Company to effect the placing of 27,727,273 new ordinary shares of 0.25 pence each in the Company ("Placing Shares") at an issue price of 11 pence each with existing and new shareholders (the "Placing"). Fox-Davies Capital Limited acted as broker to the Placing which, together with concurrent options exercised by Directors, raised £3.27 million gross. The Placing Shares are expected to be admitted to trading on AIM on 24 December 2009.
The proceeds of the Placing will be used by the Company to fund the permitting process in relation to the Proyecto de Rio Tinto project in Andalucía, Spain ("PRT" or the "Rio Tinto Mine") in accordance with the Spanish regulatory authorities. The funds raised will also go towards funding the mine-development planning and the exploration programme the Company is carrying out in Slovakia and for general working capital purposes.
Managing Director Mr. Harry Anagnostaras-Adams said:
"The completion of this placing allows us to implement some important tasks, especially at PRT in Spain where a large team of due diligence experts has joined our team as part of the operational planning and permitting process."
Enquiries
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EMED Mining |
Fox-Davies Capital |
RFC Corporate Finance |
Bishopsgate Communications |
|
Harry Anagnostaras-Adams |
Daniel Fox-Davies |
Stuart Laing |
Michael Kinirons |
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+357 9945 7843 |
+44 (0)207 936 5230 |
+618 9480 2500 |
+44 (0)207 562 3350 |
Notes to Editors: About EMED Mining Public Limited
EMED Mining was admitted to trading on AIM in May 2005. The Company is committed to responsible development of metal production in Europe, with an initial focus on copper and gold.
The Group's region of interest are the tectonic belts spanning across Europe and over to the Middle East. The strategy is to evaluate exploration and development opportunities in several jurisdictions throughout this quality mineral belt and to promote sustainable development practices through the implementation of European Union and other international standards. The Company strictly implements its Environmental & Community Policies which includes:
Integrating environmental management into its business, planning and reporting processes;
Promoting a strong environmental ethic throughout the Company and the community;
Complying with, as a minimum, all applicable local and European Union laws and regulations; and
Communicating with community stakeholders in a responsible and transparent manner.
EMED Mining has now established a strong position in the following selected zones:
The copper-mining districts of Cyprus and Spain which are probably among the best known in the world for their base metal endowment. The Company's first priority is to start-up production in Spain and commence generating profits as from 2011.
Exploration areas in Slovakia are centred on a cluster of volcanic centres. Low-detection geochemical methods are being applied to these areas for the first time together with open-pit bulk mining concepts. The principal targeted mineralisation style is low-grade, bulk-mineable porphyry gold. The Company has announced a significant gold discovery at Biely Vrch and, with its mining consultants AMC Consultants (UK) Ltd, has completed a positive scoping study on its potential development.
Exploration in Turkey and Saudi Arabia via 29%-owned KEFI Minerals Plc. KEFI Minerals owns carefully selected licence areas in Turkey, as well as an extensive proprietary database of regional and specific exploration data providing a pipeline of further projects to evaluate. It is the operator of joint ventures in Turkey with Centerra Gold Inc of Canada and in the Kingdom of Saudi Arabia with local construction and investment group ARTAR. See www.kefi-minerals.com
Further background as regards PRT: the Company has progressed the Rio Tinto Mine project as follows:
Completed geological investigations and verified mineral resources and ore reserves in compliance with the JORC Code;
Completed base case plans for operating a 14-year mine plan to extract ore reserves and to invest in drilling and other activities with a view to expanding and improving the project;
Acquired 100% of the project (the mine, its associated land and the associated mineral rights along with the plant and its associated land) from vendor company Mantesur Andavalor via (now) wholly-owned subsidiary EMED Tartessus SL;
Settled with the vendor company's principal creditor MRI Group which is now a shareholder of EMED Mining and has been appointed sales and marketing agent for the project;
Terminated all involvement in the project by previous controllers of the vendor company and commenced legal proceedings for their non-performance and enjoined the Company in their prosecution for criminal offences. A similar stance has been taken by MRI Group which is supporting EMED Mining's plans.
Established support for the Company's plans from the communities and the Government;
Determined approach with the various authorities to assimilate regulatory changes and keep to timetable. Received clearance from the regulatory authorities to submit the full set of detailed reports and applications for permission to start-up;
For further information on the Company's activities, visit www.emed-mining.com or www.emed.tv
Related Shares:
Atalaya Mining