30th Jun 2008 09:10
DWYKA RESOURCES LIMITED ('DWYKA' OR THE 'COMPANY')
RESULTS OF EGM
On 7 May 2008, Dwyka announced that it had entered into an option giving it the ability to acquire an interest in the Daguma and Bonanza coal deposits located on the Philippines island of Mindanao (collectively, the 'Project').
The Company further announced on 28 May 2008 that pursuant to the terms of a placing agreement, Ambrian Partners Limited as broker to the Company had conditionally placed 39,745,500 fully paid ordinary shares ('Shares') at a price of 26 pence per Share with selected institutional investors to raise gross proceeds of approximately £10.3 million (A$21.3 million) in order to finance the acquisition by the Company of an initial 30% interest in the Project and related exploration and development costs ('Placing').
An Extraordinary General Meeting was held today to consider various resolutions to approve the Placing, the exercise by the Company of an option to acquire an interest in the Project, the issue of Shares in connection with the exercise of that option and the issue of Shares as consideration pursuant to a services agreement in connection with the Project.
The Board of Dwyka is pleased to announce that all resolutions proposed at the Extraordinary General Meeting held today were duly passed. As a result, the Company has today issued and allotted 39,745,500 Shares pursuant to the Placing.
Application has been made to the AIM Market of the London Stock Exchange ('AIM') for the admission to trading on AIM of 39,750,500 Shares which will rank pari passu in all respects with the existing Shares in issue. Admission is expected to become effective on 2 July 2008.
The issue of Shares in connection with the exercise of the Project option and as consideration pursuant to a services agreement in connection with the Project remains conditional on the exercise by the Company of its option to acquire an interest in the Project. Following the receipt of shareholder approval today, the Company expects to exercise this option shortly and will make a further announcement in due course.
All resolutions placed before shareholders at the Extraordinary General Meeting were approved as follows:
Ordinary Resolution 1 as set out in the Notice of Meeting the Acquisition of an interest in the Coal Project was passed by a show of hands. Proxy details in respect of this resolution were as follows:
i. there were 32,320,155 proxy votes in respect of which the appointments specified that the proxy vote for the resolution;
ii. there were 20,500 proxy votes in respect of which the appointments specified that the proxy vote against the resolution;
iii. there were 250,000 proxy votes in respect of which the appointments specified that the proxy abstain on the resolution;
iv. there were 170,000 proxy votes in respect of which the appointments specified that the proxy may vote at the proxy's discretion;
Ordinary Resolution 2 as set out in the Notice of Meeting the Approval of issue of shares to raise funds to acquire an interest in the Coal Project was passed by a show of hands. Proxy details in respect of this resolution were as follows:
i. there were 31,467,097 proxy votes in respect of which the appointments specified that the proxy vote for the resolution;
ii. there were 20,500 proxy votes in respect of which the appointments specified that the proxy vote against the resolution;
iii. there were 1,103,058 proxy votes in respect of which the appointments specified that the proxy abstain on the resolution;
iv. there were 170,000 proxy votes in respect of which the appointments specified that the proxy may vote at the proxy's discretion;
Ordinary Resolution 3 as set out in the Notice of Meeting the Approval of issue of Shares in connection with Services Agreement was passed by a show of hands. Proxy details in respect of this resolution were as follows:
i. there were 31,467,097 proxy votes in respect of which the appointments specified that the proxy vote for the resolution;
ii. there were 20,500 proxy votes in respect of which the appointments specified that the proxy vote against the resolution;
iii. there were 1,103,058 proxy votes in respect of which the appointments specified that the proxy abstain on the resolution;
iv. there were 170,000 proxy votes in respect of which the appointments specified that the proxy may vote at the proxy's discretion;
For further information please contact:
Melissa Sturgess (+44) (0) 78 2555 1307 or [email protected]
Dwyka Resources Limited
Richard BrownRichard GreenfieldAmbrian Partners Limited(+44) (0) 20 7634 4700
Press Enquiries
Charlie Geller/Leesa Peters (+44) 20 7429 6604 or (+44) 79 7006 7320
Conduit PR
or visit http://www.dwyresources.com
Related Shares:
Nyota Minerals