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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sovereign Mne | LSE:SMA | London | Ordinary Share | GB00B3P3XP06 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.255 | 0.23 | 0.28 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2020 to Jan 2025
TIDMSMA
RNS Number : 4601H
Sovereign Mines of Africa PLC
01 December 2015
1 December 2015
Sovereign Mines of Africa PLC
("SMA" or "the Company")
Suspension of discussions with potential partner
Future funding requirements
Further to the announcement made by the Company on 10 November 2015, the Company announces that it has taken the decision to suspend discussions with the potential partner with respect to the development of the Company's Mandiana project, as approval by the potential partner's board has not been forthcoming in a timely manner.
David Pearl, Chairman of SMA, said:
"We have been engaged in intensive and protracted negotiations with a substantial mining company. It is therefore very disappointing that no agreement has been signed and I would like to apologise to shareholders for the uncertainty that this has caused."
Future funding requirements
At the time of the release of the Company's interim results on 28 September 2015 the Board received a firm commitment from one of its directors to underwrite a limited capital raise, as well as indications of support from certain shareholders. This commitment and indications of support were made at a pricing level below the closing mid-market price of 0.175 pence on 28 September 2015, and significantly below the current market price.
A capital raise is expected to take place shortly, and in any event before 31 December 2015. However, shareholders should be aware that without a refinancing in the immediate term, the Company will not be able to continue in operation.
A further announcement will be made shortly regarding the capital raise.
Ends
Enquiries:
SOVEREIGN MINES OF AFRICA PLC
David Pearl, F.C.A. - Chairman +353 696 8961
david.pearl@pearlcp.com
Nathan Steinberg - Finance Director +44 20 7269 7680
SHORE CAPITAL - NOMINATED ADVISER & BROKER
Toby Gibbs/Bidhi Bhoma - Corporate Finance
Jerry Keen - Corporate Broking +44 20 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFMMFMNGKGKZM
(END) Dow Jones Newswires
December 01, 2015 02:00 ET (07:00 GMT)
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