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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Libra Natural | LSE:LNR | London | Ordinary Share | GB00B06CJZ79 | ORD 0.2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.05 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6488G Libra Natural Resources PLC 31 October 2007 Press Release 31 October 2007 Libra Natural Resources plc ("LNR" or "the Company") Further expansion of US wood pellet operations Libra Natural Resources plc ("LNR" or "the Company"), the international renewable wood-to-energy company, is pleased to announce details of a further expansion of the Company's North American wood pellet business. Details: With the publication of LNR's Interim Results on 28 September 2007, your Company announced details of its proposed acquisition of a profitable wood-chip production facility in Louisa County, Virginia, USA. As stated at the time, LNR believes that this investment will provide a spring-board for the creation of a major US regional wood-pellet business, similar to that which LNR has successfully developed in British Columbia, Canada. Against this background, we are delighted to announce today, that LNR has reached agreement to develop, construct and operate a 75,000 tonnes per annum wood pellet manufacturing plant, alongside the recently acquired wood -chip facility, in Virginia, USA. LNR proposes to finance this development through a series of staged, milestone-related payments, beginning with an initial, immediate, investment of approximately U$2million. This initial payment will cover the order and delivery of certain production equipment, to ensure that the wood pellet plant can commence operation in the middle of 2008. Once fully in operation, in combination with our existing wood-chip facility, this new plant is expected to generate in excess of U$16 million p.a. in additional revenue for LNR, and achieve EBITDA margins approaching 20 per cent. Placing of convertible bonds To finance the planned expansion of its North American wood pellet operations, including the Louisa County facility announced today, the Board of LNR announces that it has today raised #2.4 million via the issue of 8.0 per cent guaranteed convertible bonds due 2010 ('Bonds'). These Bonds will rank pari passu with the existing bonds in issue. Application has been made to the London Stock Exchange for the admission to AIM of the Bonds. Dealings are expected to commence on the 31st October 2007. Following the issue of the above Bonds, there will be a total of #7,900,000 bonds in issue, by principal value. For further information: Libra Natural Resources plc Peter Greensmith, Chief Executive Tel: +44 (0) 20 7877 5040 Landsbanki Securities (UK) Ltd Nominated Advisor & Joint Broker Tel: +44 (0) 20 7426 9000 Gareth Price/Simon Brown, Corporate Finance Ambrian Partners Limited Joint Broker Tel: +44 (0) 20 7776 6400 Shaun Whyte Media enquiries: Abchurch Heather Salmond / Franziska Bohnke Tel: +44 (0) 20 7398 7700 franziska.boehnke@abchurch-group.com www.abchurch-group.com - Ends - This information is provided by RNS The company news service from the London Stock Exchange END MSCFDMFMSSWSEDS
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