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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
African Aura | LSE:AAAM | London | Ordinary Share | CA00830H1082 | COM SHS NPV(UK REG) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 186.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAAAM
RNS Number : 3218C
African Aura Mining Inc.
04 March 2011
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES
4 March 2011
TSX-V: AUR
AIM: AAAM
African Aura Mining Inc.
TIMETABLE FOR RESTRUCTURING AND POSTING OF CIRCULAR
4 March 2011, African Aura Mining Inc. ("African Aura" or the "Company" expected to be renamed Afferro Mining Inc. ("Afferro")) the TSX-V (AUR) and AIM (AAAM) listed exploration and development company with divisions focused on iron ore and gold projects in sub-Saharan Africa, announces that, further to its recent press releases, a notice of special meeting and information circular dated February 28, 2011 (the "Circular") detailing the proposed restructuring of its assets involving Aureus Mining Inc. ("Aureus Mining") (the "Arrangement") will today be posted to shareholders.
Luis da Silva, President and CEO of African Aura commented:
"We are extremely pleased that the process for the Company's restructuring is nearing completion, subject to the relevant approvals. There is now a clear timetable for the split. A real opportunity exists for investors to buy-in to the split concept and the upside that management believes will be created by holders receiving two new shares in the resulting pure iron ore and gold entities, Afferro and Aureus, respectively."
The anticipated timetable of principal events relating to the Arrangement is as follows:
Record date to establish entitlement 25 February 2011 to attend and vote at the Special Meeting (note: this is not the "record date" for the purposes of participating in the Arrangement) Publication and Posting of 4 March 2011 the Circular to Shareholders ------------------------------ Latest time for receipt of 31 March 2011 at 11.00 a.m. Form of Instruction for Depositary GMT Interest holders for the Special Meeting ------------------------------ Latest time for receipt of 1 April 2011 at 11.00 a.m. Form of Proxy for Shareholders GMT for the Special Meeting ------------------------------ African Aura Special Meeting 5 April 2011 at 11.00 a.m. GMT ------------------------------ Receipt of Final Court Order 6 April 2011 approving the Arrangement ------------------------------ Last day of dealings in African 7 April 2011 Aura Shares (with the right to receive Aureus Mining Shares) for settlement purposes ------------------------------ African Aura Shares marked 8 April 2011 at 8.00 a.m. GMT "ex-entitlement" (i.e not having the right to receive Aureus Mining Shares) by the London Stock Exchange for settlement purposes ------------------------------ Record date for purposes of 13 April 2011 at 12.01 a.m. determining African Aura Shareholders (Toronto time) / 5.01 a.m. entitled to Aureus Mining Shares GMT ------------------------------ Effective date of the Arrangement 13 April 2011 ------------------------------ Admission and commencement 13 April 2011 at 8.00 a.m. of dealings in the Shares of GMT Aureus Mining on AIM and CREST accounts credited with entitlements to Depository Interests and commencement of trading of the Shares of the Company under the new name Afferro Mining Inc. on AIM and the TSX-V ------------------------------
The above timetable represents the Company's current expectations and is subject to change. The Company will provide a further update by press release if the timing set out above changes.
In accordance with AIM Rules 20 and 26 a copy of the Circular is also available on the Company's website: www.african-aura.com
About African Aura Mining Inc.
African Aura is an established exploration and development company listed on the TSX-V (AUR) and London's AIM (AAAM). The Company operates two divisions that are intended to be split into separate listed companies becoming effective, subject to shareholder, regulatory and other approvals in April 2011:
- The iron ore division includes its 38.5% interest in the 2.4Bt Putu iron ore project in Liberia, which is subject to a resource expansion drilling programme and moving through pre-feasibility managed by joint venture partner Severstal Resources (the mining division of London and Moscow listed OAO Severstal). In September 2010, Putu was granted a 25 year renewable Mineral Development Agreement by the Government of Liberia. The division also includes a 100% interest in the Nkout 1Bt iron ore project and surrounding iron targets in Cameroon which is subject to a resource expansion drilling programme.
- The gold assets, to be held in "Aureus Mining Inc." when listed independently, include the New Liberty gold deposit in western Liberia which has a resource of 1.51 million ounces of gold grading 3.78 g/t (comprising 5,599,000 tonnes grading 4.17 g/t in the indicated category and 7,040,000 tonnes grading 3.40 g/t in the inferred category) which is being advanced through a bankable feasibility study, and the proximal Ndablama, Weaju, Silver Hills and Gondoja gold projects all within the Company's Bea Mountain 25 year renewable Mineral Development Agreement.
In addition, the Company has a 22% interest in AIM-listed diamond producer Stellar Diamonds Plc (AIM: STEL, www.stellar-diamonds.com). It is proposed that, following completion of the Arrangement, this holding will be held by Aureus Mining Inc.
The Company has a highly motivated and experienced team with a track record of discovering mines and taking projects through development and into production. As a pioneer, African Aura has attracted some excellent strategic partners and shareholders, always with the objective of preserving or enhancing shareholder value. For further information on the Company you are invited to visit its website at www.african-aura.com, or SEDAR's website at www.sedar.com, or contact one of the following:
African Aura Mining Inc.
Luis da Silva, President & CEO
Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Rob Collins / Tim Redfern
Tel: +44 (0) 20 7071 4300
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7861 3232
Qualified Person
Howard Baker has some ten years experience in the exploration, definition and mining of iron ore Mineral Resources. Howard Baker is a full-time employee of SRK Consulting (UK) Ltd, an independent Consultancy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a Qualified Person in accordance with NI43-101 and a Competent Person as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Howard Baker consents to the inclusion in the announcement of the matters relating to iron ore in the form and context in which they appear and confirms that the information is accurate and not false or misleading.
Mr C G Arnold, BSC(Hons),MSc, MAusIMM (CP) of AMC Consultants (UK) Limited consents to the inclusion in the announcement of the matters relating to gold in the form and context in which they appear and confirms that the information is accurate and not false or misleading.
Forward-Looking Information
This press release contains certain forward-looking information. All information, other than information regarding historical fact, that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this press release includes, but may not be limited to: the future plans and objectives of African Aura, including the completion of the proposed Arrangement and the terms, timing and consequences (including the potential upside that management believes exists in respect of the Arrangement) relating thereto; and the admission on AIM of the Aureus Mining Shares to be received by African Aura shareholders in connection with the Arrangement, the holding of the shareholders meeting to consider the Arrangement, and the receipt by the Company of a final court order approving the Arrangement and the timing related to these and the other events set out in the timetable above. The foregoing and other forward-looking information contained in this press release reflects the current expectations, assumptions or beliefs of African Aura based on information currently available to African Aura. With respect to the forward-looking information contained in this press release, African Aura has made assumptions regarding, among other things: general business, economic and mining industry conditions; the completion of the Arrangement, including the receipt of all necessary approvals to proceed therewith; the Company's ongoing exploration and development activities; and it has also been assumed that no material adverse change in the price of precious and/or base metals occurs and no significant events occur outside of African Aura's normal course of business.
Such forward-looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including: delays in obtaining, or a failure to obtain, required regulatory approvals (including the approval of the Toronto Stock Exchange and AIM with respect to the listing and admission, respectively, of the Aureus Mining Shares to be received by African Aura's shareholders as part of the Arrangement); the Company's inability to complete the Arrangement or obtain a favourable confirmation from the Canada Revenue Agency regarding the tax consequences of the Arrangement; risks normally incidental to exploration and development of mineral properties; adverse changes in precious and/or base metal prices; and future unforeseen liabilities and other factors including, but not limited to, those listed under "Risk Factors" in the Circular and the Company's Annual Information Form dated April 30, 2010 available under the Company's profile on SEDAR at www.sedar.com.
Forward-looking information speak only as of the date on which it is made and, except as may be required by applicable law, African Aura disclaims any obligation to update or modify such forward-looking information, either as a result of new information, future events or for any other reason.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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