18th Dec 2008 07:20
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ALBIDON LIMITED |
Level 1 |
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62 Colin St |
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West Perth 6005 Western Australia ARBN 107 288 755 Tel:+6189211 4600 Fax: +6189211 4699 Email:[email protected] ASX Code: ALB AIM Code: ALD |
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18 December 2008
PROCEEDS FROM TRANCHE 2 EQUITY RAISING RECEIVED
Further to the resolutions passed unanimously at the general meeting of Albidon Limited shareholders held earlier today, the Company is pleased to announce that the investment by Jinchuan Group Limited of US$5 million in equity via the issue of 19,469,750 shares at US$0.26 each and the conversion of US$5 million of subordinated debt by issuing 10,000,000 shares at US$0.50, has been completed.
Jinchuan now holds 18.4% of the expanded issued shares of the Company which now total 210,206,452 fully paid ordinary shares. Jinchuan also has the right to nominate one member to Albidon's Board of Directors.
Jinchuan is Albidon's offtake partner and a major shareholder. It is China's largest producer of nickel, cobalt and platinum group metals and is a major producer of copper. Jinchuan's current nickel production is approximately 100,000 tpa, with a target to reach 150,000 tpa by the year 2010. The investment in the Munali Nickel Project continues to be a key part of Jinchuan's strategy to meet this goal.
The funds, which have been, received will be used to provide additional working capital during commissioning of the Munali Nickel Project as it continues to ramp up toward steady state production.
Should you require further information about this announcement, please contact either Paul Chapman or Alasdair Cooke on +61 8 9211 4600 or email [email protected].
Albidon's nominated adviser is RFC Corporate Finance Ltd, contact Stephen Allen +61 8 9480 2500.
Additional information may also be viewed on Albidon's website at www.albidon.com
Related Shares:
ALD.L