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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Carnegie | CME | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 0.375 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.375 |
| Top Posts |
|---|
Posted at 01/2/2008 12:42 by smiler 0 Carnegie Minerals says raises 1.13 mln stg via institutional placingAFX LONDON (Thomson Financial) - Carnegie Minerals PLC said it raised 1.13 mln stg (before expenses) through a placing of 28.25 mln shares to institutional and other investors at 4 pence a share. Proceeds from the placement are planned to be used to fund Carnegie's 50 pct share of an environmental impact study at the Niafarang deposit in Senegal, drilling in Southern Senegal and other purposes. The mining company said it plans to develop the Niafarang deposit where it has identified high grade ore reserve, aiming to bring the project into production in early 2009. With the positive exploration results in Senegal, the company said it intends to raise further funds to enable the group to maintain its contributing interest in that country and to follow up the other high potential initiatives, Carnegie said. TFN.newsdesk@thomson |
Posted at 01/2/2008 12:33 by smiler 0 Carnegie Minerals plc01 February 2008 CARNEGIE MINERALS PLC ('Carnegie' or the 'Company') Issue of Equity and Notice of Extraordinary General Meeting The Board of Carnegie Minerals Plc (AIM - CME), the mineral sands resource company with production interests in The Gambia and advanced exploration in adjoining Senegal, is pleased to announce that it has raised £1,130,000 (before expenses) through a placing to institutional and other investors at 4p a share. A Circular has been sent to Shareholders to convene an Extraordinary General Meeting for the purposes of passing resolutions to enable the proposed Capital Raising to be effected. Background to and reasons for the Capital Raising Since Carnegie's admission to AIM in August 2006, Carnegie's mineral sands business has continued to grow in West Africa. At the same time, the Company has progressed new synergistic opportunities that we believe hold great potential for the Company going forward. In Senegal, Carnegie's exploration identified a high grade ore reserve at the Niafarang deposit. The Company therefore plans to develop Niafarang, which is 50% funded by our joint venture partner Astron Ltd ('Astron') and 50% funded by the Company, with the aim of bringing the project into production in early 2009. The Company also recently undertook a significant exploration drilling programme in the northern and southern parts of the licence area. Based on the assay results available to date, which highlighted mineralisation intersections in these previously untested areas, the Company plans to follow-up exploration as well as drill testing in the eastern part of the licence area where identified geophysical targets were not drilled during this programme due to the onset of the rainy season. With the positive exploration results received so far, the Company has also been investigating further mineral sands potential in the region. Additionally, the Company has been actively assessing a number of opportunities in other geographical regions; both in industrial minerals and other commodities that it believes will complement the existing projects and contribute to the future success of the Company. With the positive exploration results in Senegal, the Company wishes to raise further funds to enable the Company to maintain its contributing interest in that country and to follow up the other high potential initiatives. Additionally, to allow the Company to issue Ordinary Shares in consideration for existing warrants and options and to provide the Board with flexibility for further fundraisings in the future, authority is being sought at the EGM to issue a number of Ordinary Shares other than on a pre-emptive basis. By passing the resolution to provide the Board with such authority, the Company will be able to rapidly exploit investment and financing opportunities that present themselves to the Company, in a cost-effective manner. Gambia update In The Gambia, all development and operating expenditure is funded by the Company's 50% joint venture partner, Astron. Four production units have been commissioned and an official mine site opening held in July 2007. Production rates were increasing in line with expectations and a second stage concentrator was scheduled to be commissioned this year with a resulting increase in revenues expected. On 16 January 2008, the joint venture company received an instruction from the Government of The Gambia directing it to cease all operations and to provide certain information in relation to production, grades and prices. An additional letter with a request of further information was received by the company on 18 January 2008. Both letters received from The Gambian Government required the information requested to be supplied within 24 business hours in default of which there would be a risk of the cancellation of the Gambian joint venture company's licence and other potential action. The Company responded to each of the letters within the prescribed time limits. The Company has not received any notice from The Gambian Government that the licence has been cancelled. The Company believes it has supplied all the required information including independent SGS laboratory assays and offered to fund an independent industry expert to assist them in interpreting these results. As at the date of this circular, we await the Gambian Government's response. Given the uncertainty over the Gambian licence that this action has produced, the Board has decided to take the most prudent approach available to it and provide fully against the carrying value of the Gambian assets on its balance sheet. Given this new development in The Gambia's risk profile, a full provision against the Company's Gambian assets will remain, even in the event the Government of The Gambia allows the joint venture company to fully resume its operations. Following the supply of the necessary information to the Gambian Government, the Company awaits a response. Whilst the Company is making arrangements to meet with the Gambian Government in order to resolve any concerns, the Board currently has no indication or visibility on the timing of the response from the Gambian Government on this issue. The Company will make further announcements as appropriate when responses from the Gambian Government are received. Details of the proposed Capital Raising Blue Oar has, on behalf of the Company, conditionally placed a total of 28,250,000 Placing Shares at the Placing Price, to an existing substantial shareholder, RAB, and additional institutional and other investors, to raise £1,130,000. In addition, 28,250,000 New Warrants will be issued to Placees on the basis of one New Warrant for every Placing Share subscribed. The Capital Raising is conditional, inter alia, upon: the passing of the Resolutions at the EGM; the Placing Agreement becoming unconditional; and Admission having become effective on or before 26 February 2008 (or such later date as Blue Oar and the Company may agree, not being later than 29 February 2008). The Placing is not being underwritten, in whole or in part, by Blue Oar or any other party. The Placing Shares The Placing Shares will, when issued, rank equally in all respects with the other Ordinary Shares then in issue, including all rights to all dividends and other distributions declared, made or paid following Admission. Application will be made for the Placing Shares to be admitted to trading on AIM. It is expected that trading in the Placing Shares will commence on 26 February 2008. The New Warrants The Company has created 28,250,000 New Warrants on the terms of the New Warrant Instrument, which will be issued to Placees on Admission on the basis of one New Warrant for every Placing Share subscribed for. Each New Warrant entitles the holder to subscribe for one Ordinary Share. Subject to their terms, the New Warrants are exercisable at any time prior to the fifth anniversary of the date of Admission at a price of 6p per Ordinary Share. The New Warrants will not be admitted to trading on AIM but are freely transferable. Use of Proceeds Proceeds from the proposed Capital Raising are planned to be used to fund: Carnegie's 50% share of an environmental impact study at the Niafarang deposit in Senegal and other statutory procedures to convert the deposit area into a mining title; Carnegie's 50% share of further exploration including drilling in Southern Senegal; Continued regional investigations; and Investigation of new projects in other geographical regions identified as highly prospective with low sovereign risk. In the event that the joint venture company is able to convert the Niafarang portion of the title in Senegal to a mining title in a timely manner, then additional funding would be sought to facilitate the development of this deposit at that time. Extraordinary General Meeting The EGM will be held at 10.00 a.m. on 25 February 2008 at the offices of Memery Crystal LLP, 44 Southampton Buildings, London SC2A 1AP. Recommendation RAB is a substantial shareholder (as defined) under the AIM Rules. The Placing therefore constitutes a related party transaction for the purposes of the AIM Rules. The Directors, having been so advised by Blue Oar, the Company's nominated adviser, consider that the terms of the Placing are fair and reasonable insofar as the Shareholders are concerned. In providing advice to the Board, Blue Oar has taken into account the Directors' commercial assessments. The Directors consider that the Capital Raising is in the best interests of the Company and its Shareholders as a whole and accordingly recommend that Shareholders vote in favour of the Resolutions, as they intend to do in respect of their own shareholdings, amounting in aggregate to 250,000 Ordinary Shares (representing approximately 0.45 per cent. of the current issued share capital of the Company). |
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