14th Oct 2009 12:30
Beacon Hill Resources plc / Ticker: BHR / Index: AIM / Sector: Mining
14 October 2009
Beacon Hill Resources plc
('Beacon Hill' or 'the Company' and its subsidiaries together 'the Group')
Result of General Meeting & Completion of £1 million Placing
Beacon Hill Resources Plc, the AIM listed resource company, announces that at the General Meeting held earlier today, all resolutions relating to the acquisition of Tasmania Magnesite NL ('Tasmania Magnesite') ('the Acquisition') were duly passed. All of the proxy votes received were in favour of the resolutions.
The Company is issuing 5,000,000,000 ordinary shares of 0.1 pence each ('Ordinary Shares') as consideration for the Acquisition and an additional 400,000,000 Ordinary Shares at a price of 0.25 pence per share to raise £1,000,000 ('the Placing'). The enlarged issued ordinary share capital of the Company, comprising 5,633,000,000 Ordinary Shares, will be admitted to trading on AIM with effect from tomorrow.
Beacon Hill Chairman Justin Lewis said, "The acquisition of Tasmanian Magnesite is a landmark step for the Company and heralds our transformation into a resource company with near-term production potential and a significant magnesite resource. Beacon Hill now controls a defined asset containing 39Mt magnesite resource, 13Mt to measured JORC standard, making it already the third largest in Australia. Importantly, we believe that by initiating additional exploration and drilling programmes, we will bring additional value to the project through future resource upgrades.
"Our primary objective now is to implement our defined development plan, targeting production in the next 24 months which will generate cash flow for the future expansion of the Group. The relationships that we have built in the area are also of strategic importance; our aim is to secure a joint venture partner with whom to construct a calcination plant in the vicinity of the licence area, creating significant value upside potential through the processing of magnesite into various forms of industrially important magnesia. We would also intend for this JV partner to provide the basis of future deal flow as well as off-take agreements with end users, creating a market for our magnesite ore and processed magnesia."
**ENDS**
For further information on the Company, visit: www.bhrplc.com or contact:
|
Justin Lewis |
Chairman, Beacon Hill Resources Plc |
+61 (0) 3 8637 1540 |
|
William Vandyk |
Astaire Securities Plc |
+44 (0) 20 7448 4400 |
|
Hugo de Salis |
St Brides Media & Finance Ltd |
+44 (0) 20 7236 1177 |
|
Susie Callear |
St Brides Media & Finance Ltd |
+44 (0) 20 7236 1177 |
Related Shares:
BHR.L