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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Angus&Ross | LSE:AGU | London | Ordinary Share | GB0009348862 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAGU RNS Number : 9314U Angus & Ross PLC 01 July 2009 ANGUS & ROSS PLC (AGU.L) Unconditional acquisition of the assets of Nalunaq gold mine in Greenland and related loan arrangement Angus & Ross plc ("A&R" or "the Company") is pleased to announce that it has unconditionally acquired all the assets, infrastructure, inventories and goodwill at the Nalunaq gold mine in Greenland from Nalunaq Gold Mine A/S ("NGM"), a subsidiary of Crew Gold Corporation ("Crew") for a total consideration of $1 million cash. The Company intends to quickly bring the Nalunaq mine back into production, which will hopefully produce near term cash flow for the Company. A further $500k will be due for payment by the earlier of 31 August 2009 or within 10 working days of agreement to the acquisition by the Joint Committee of members of parliament of the Greenland Home Rule Government and upon satisfactory transfer by NGM to the Company of the DKK16 million BMP Mine Closure Security Fund. The deal reflects a revision to that announced on 7 April 2009 which originally envisaged the purchase of shares of NGM. Payment of the initial proportion of the consideration has been financed from a $1.25 million three month loan provided by Cyrus Capital Partners LP ("Cyrus"). The loan is subject to an arrangement fee of $93,750 payable in cash and will bear interest at 15% per annum. The loan must be repaid earlier if any new debt financing is raised, if any funds are drawn down from the recently announced Standby Equity Distribution Agreement entered into with Yorkville Advisors LLC or from the net proceeds of any other equity raising. Cyrus currently holds 37.5 million warrants at an exercise price of 20p, with an expiry date of 10 July 2010 and is therefore considered to be a related party. The directors of the Company consider, having consulted with WH Ireland Limited, the Company's Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. Nicholas Hall, Chief Executive Officer, commented: "The completion of the acquisition of the Nalunaq mine is a major step in the transformation of the Company. We believe the Nalunaq mine can be operated profitably by adopting a mining method that will enable us to employ local labour and by producing concentrate on site. We look forward to progressing this opportunity." +----------------------------------+------------------+ | Enquiries: | 07931 709 053 | | Angus & Ross plc | 0207 936 5200 | | Nicholas Hall, Chief Executive | 0207 562 3366 | | Fox-Davies Capital | 0161 832 2174 | | Jason Bahnsen | | | Bishopsgate Communications | | | Limited | | | Nick Rome | | | WH Ireland Limited | | | Adrian Kirk | | | | | +----------------------------------+------------------+ This information is provided by RNS The company news service from the London Stock Exchange END ACQKGGGNFMDGLZM
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