8th May 2008 12:23
Weatherly International PLC08 May 2008 Weatherly International plc ("Weatherly" or the "Company") Results of General Meeting 8 May 2008 Weatherly International plc, the resource company with copper mining andsmelting operations in Namibia, is pleased to announce that at a General Meetingheld today, its shareholders approved a US$12 million capital raising in theform of 9% secured convertible loan notes due 2010 with warrants attached (the"Fundraising"). Full details of the Fundraising and the terms of the Notes andthe Warrants were set out in a circular to shareholders despatched on 21 April2008. Shareholders also approved the issue of 650,000 Shares to the Company's employeebenefit trust "EBT" in accordance with the terms of the Company's LTIP and thegrant of 75,000 options to each of Mr Craven, Mr Redmond and Mr Bryant under theCompany's existing unapproved share option scheme. The Board will only proceedto make the option awards when the Company comes out of the current closeperiod. The proceeds of the fundraising will be used by the Company to complete theTambao feasibility study, start initial engineering and to upgrade existingassets in Namibia, including the refurbishment of the diesel power generatingsets and the construction of the oxygen plant required for the second stage ofthe smelter expansion. Details of proxy voting have been posted to the Company's web site atwww.weatherlyinternational.com. For further information contact: Rod Webster, Chief Executive Officer Weatherly International +44 (0)207 868 2232Paul Craven, Chief Financial Officer Jakob Kinde Libertas Capital +44 (0)207 569 9650Sandy Jamieson Anthony Cardew Cardew Group +44 (0)207 930 0777Jamie MiltonMatthew Law This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Weatherly International Plc