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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Van Dieman | VDM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.875 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.875 | 0.875 |
| Top Posts |
|---|
Posted at 28/10/2008 09:36 by vanbrussel Wait and see, could be even better than current market conditionsThere is no institutional investor that will get in above 1.50 pence |
Posted at 28/10/2008 09:13 by daz Given that on of primary functions of the stock exchange is to allow companies to raise capital and that VDM are only aiming to raise a modest sum to get them into production in a matter of weeks/months rather than years case really shows the market is completely disfunctional at the moment. The contrast with a few years ago when virtually any mining company could raise money couldn't be starker.I can't understand why a couple of existing institutional investors can't stump up a few 100k to get the company into production and protect there investment. Galena have the company over a barrel and will drive a hard bargain, so it looks like the investors will get heavily diluted but at least it looks like the company will survive. |
Posted at 29/8/2008 11:54 by dispenser Result of General Meeting and AGM (Van Dieman Mines)RNS Number : 3105C Van Dieman Mines plc 29 August 2008 29 August 2008 VAN DIEMAN MINES PLC (the "Company") Results of the Company's General Meeting and Annual General Meeting Van Dieman Mines Plc, (AIM:VDM), the AIM listed mining company with an alluvial tin and sapphire mine in Tasmania announces that at the General Meeting of the Company held today all resolutions except resolution 7 were passed. Resolution 7 relates to the allotment of equity securities in connection with the grant of options under the Share Option Scheme (as defined in the Circular to Shareholders dated 2 July 2008). At the Annual General Meeting of the Company held today all resolutions except resolution 3 were passed. Resolution 3 relating to the re-election of Mr Kenan Frey was withdrawn. Mr Frey has as of today resigned as a director of the Company. Mike Etheridge, Chairman, indicated that pursuant to the Company's previously announced Investors Agreement with Galena Special Situation Master Fund Limited (details of which were announced in the Circular to Shareholders dated 2 July 2008), Galena had notified the Company of its intention to appoint Mr Harry Stacpoole and Mr Bill Wise to the board of the Company. Further details of these appointments will be notified in due course. Enquiries VAN DIEMAN MINES PLC Mike Etheridge, Chairman Tel: +61 (0) 4 0870 8778 Ron Goodman, CEO and Managing Tel: +61 (0) 4 0808 3914 Director GRANT THORNTON UK LLP Gerry Beaney / Fiona Owen Tel: +44 (0) 20 7383 5100 FOX DAVIES CAPITAL LIMITED Richard Hail, Corporate Finance Tel: +44 (0) 20 7936 5230 This information is provided by RNS The company news service from the London Stock Exchange END |
Posted at 26/8/2008 12:54 by dispenser Van Dieman Mines gets 750,000 pound bridging loan from investor GalenaLONDON (Thomson Financial) - AIM-quoted explorer Van Dieman Mines Plc. said it has secured a 750,000 pound short-term bridging loan from major shareholder Galena which it will use to fund its working capital requirement. Van Dieman said the loan carries an interest rate of 3 percent above the three-month London interbank offered rate. The company said it has made significant and encouraging progress in implementing its revised mine development plan to bring its Scotia alluvial tin and sapphire mine in Tasmania into production in December, before accelerating to full production in January. Although modifications to the plant and mining activities have yet to be completed, the company expects that there will be material benefits to both the Scotia and Endurance Projects that will result in reduced capital and operating costs. TFN.newsdesk@thomson ran/ms1 |
Posted at 02/7/2008 10:48 by vanbrussel ITRI.co.uk weekly newsletter30 Jun 2008 Galena bails out Van Dieman Mines A UK£5 million loan facility from Galena Special Situations Master Fund, part of the Trafigura group, has helped Van Dieman Mines narrowly avoid insolvency. VDM announced in mid-May that it had changed its plans to develop two tin mine projects in Tasmania and the company has also experienced some turnover of senior executives. The deal with Galena will make it a "Strategic Investor", holding loan notes which it can subsequently convert into an increased equity stake. Galena currently holds 12% of VDM, but could increase this to 33.5%. Galena is also an investor in the South Crofty tin project in the UK, via Western United Mines. In a statement released today, VDM said that "as a result of the need to seek further funding the Company's projects at both Scotia and Endurance are further delayed. It is expected that commissioning of the Scotia project will commence in September 2008 and production at the Endurance project is now expected to commence in the second quarter of 2009." The Scotia project will have an annual capacity of 700 tpy of tin-in-concentrate and the Endurance one will be slightly smaller. Mike Etheridge, the company's Non-Executive Chairman, commented: "Galena's investment decision was made under uncertain and difficult conditions and at short notice, and is a vote of confidence in the Company's projects and prospects. It ensures the necessary funding to undertake the critical trial mining, dewatering, plant modification and confirmatory drilling work to determine project feasibility." |
Posted at 30/6/2008 07:20 by dispenser Strategic Investor Provides Loan Facility (Van Dieman Mines)RNS Number : 8175X Van Dieman Mines plc 30 June 2008 30 June 2008 VAN DIEMAN MINES PLC Strategic Investor Provides Loan Facility Following the ongoing strategic review by the Directors of Van Dieman Mines Plc, (AIM:VDM), the AIM listed mining company (the "Company") which has resulted in the Company implementing changes to the mining and processing methods of the Scotia mine; the consequential delays to production (as outlined in an announcement on 16 May 2008); and the refusal recently by the providers of the Company's current debt facility to honour a drawdown request for A$1.95 million, the Company has been forced to seek alternative and additional financing. The Board has been actively seeking alternative and additional funding from both potential equity investors and debt providers for several months. Unfortunately, advanced discussions with a major Australian bank which the Board had expected to complete imminently were recently terminated in the face of the ongoing and much publicised difficult conditions in financial markets. In the absence of immediate development funding, the Company would have imminently become insolvent, leading to receivership and the potential for total loss of shareholder value. It is against this background that the Board has obtained the financial support of Galena Special Situations Master Fund Limited ("Galena") as a strategic partner and major shareholder in the Company. The Company announces that it has entered into an investors agreement and loan facility agreement with Galena for up to £5 million on the terms and subject to the satisfaction of the conditions set out in further detail below. The Company, together with its subsidiary, Van Dieman Mines Pty Limited ("VDM Australia"), has also entered into a royalty agreement with Galena (together the "Agreements"). As a result of these Agreements Galena will become a strategic partner and a more significant shareholder in the Company. The principal terms of the Agreements are as follows: * Galena has granted an immediate loan facility of up to £3 million which, until the satisfaction of certain conditions set out below, is to be drawn down in part to fund the Company's immediate working capital requirements, at the sole discretion of Galena (the "Loan Facility"). Galena has agreed to an initial draw down of A$1 million. Under the terms of the facility agreement the initial Loan Facility may be extended by up to a further £2 million on the same terms subject to the conditions and variations set out below. In particular, the additional £2 million may only be drawn down at the discretion of Galena to the extent that the Company is not able to raise that sum through an equity issue. * The Company's ability to demand full draw down of the Loan Facility is conditional upon the Australian Foreign Investment Review Board ("FIRB") consenting to Galena, as a non-Australian entity, taking registered security over the assets of the Company and VDM Australia (together the "Group"). It is also subject to the shareholders of the Company passing the resolutions referred to below. * The Company and VDM Australia are in the process of seeking the requisite consents from the FIRB. It is expected that a response will be received from FIRB within four to six weeks. The Board anticipates that FIRB approval will be obtained. Upon registration of the security over the Group's assets, the Group will be entitled to immediately draw down on the remaining portion of the Loan Facility. * The Loan Facility will be used, in the first instance, to fund the Group's immediate working capital requirements including payment of the Group's creditors and to fund the working capital required to undertake the trial mining, dewatering, plant modifications and initial confirmatory drilling (~1,000 metres) through to the end of August 2008. On receipt of the approval from FIRB the Company's existing debt facility will be repaid from the remaining Loan Facility proceeds and Galena will be granted a fixed and floating charge over the assets of the Group. This security will remain in place until all monies lent by Galena have either been fully repaid or converted into Ordinary Shares. * A general meeting of shareholders (notice of which will shortly be sent to shareholders) will be called for 29 August 2008 (the "General Meeting") at which resolutions increasing the authorised share capital of the Company and increasing the Directors' authorities under section 80 of the Companies Act 1985 and disapplying pre-emption rights under section 95 of the Companies Act will be proposed (the "Resolutions"). In the event that the Resolutions are not passed then the Company will be required to repay all monies received from Galena under the Loan Facility plus a break fee of £600,000. The Company will also be required to pay this break fee in the event that the requisite consents from the FIRB are not received by 29 August 2008 or in the event of either early repayment of the Loan Facility or an event of default. * Conditional on the Resolutions being passed at the General Meeting, the amounts drawn down under the Loan Facility will be replaced by loan notes (the "Loan Notes") which are convertible at the discretion of Galena into ordinary shares of 1p each in the Company (the "Ordinary Shares") at a price of £0.06 per Ordinary Share. * Following the passing of the Resolutions, the Company will also grant Galena £3 million of warrants to subscribe for Ordinary Shares in the Company (the "Warrants") with an exercise price of £0.07 per Ordinary Share. The Warrants will not be exercisable until the earlier of 31 December 2008 or completion of a proposed equity raising prior to 31 December 2008 (see below). * Interest on the Loan Notes will accrue at LIBOR plus 3% per annum. During the first year, interest will be payable in Ordinary Shares at £0.06 per Ordinary Share. Thereafter, interest will, at the agreement of both Galena and the Company, be payable in either cash or in Ordinary Shares at £0.06 per Ordinary Share. * Galena may elect, 12 months after the first draw down of the Loan Facility that 25% of the Group's free operational cash revenues is directed towards the redemption of the Loan Notes, subject always to Galena's right to convert the Loan Notes. * Galena will receive a royalty of 1.5% of the Group's net sales revenues for 15 years from the date of these Agreements. * It is envisaged that the Company will undertake an equity raising of up to £2 million before 31 December 2008 by way of a private placement. The Directors currently believe that this will provide the necessary funding required to meet the commissioning costs of the Scotia mine. Galena will have the right to participate in this equity raising for its pro-rata proportion of Ordinary Shares held at such time (both directly and indirectly) and those Ordinary Shares it would hold if all the Loan Notes had been converted. However, the Warrants will not be included in such calculation. It has further been agreed that, at Galena's discretion, it may, in the event that the equity raising is undersubscribed, subscribe for additional convertible loan notes in respect of the shortfall which may, at Galena's election, be converted into Ordinary Shares, such conversion price being the lower of 6p per Ordinary Share and the price per Ordinary Share pursuant to the private placement. In the event that Galena does subscribe for additional convertible loan notes it shall be entitled to additional Warrants on the basis of one Warrant for every one Ordinary Share into which the loan notes are converted. * For so long as any amount remains outstanding to Galena under either the Facility Agreement or there are outstanding convertible loan notes or as long as Galena holds 10 per cent. of the issued share capital of the Company, Galena may appoint two directors or observers to the Board. The Board currently believes that these facilities should enable the Company to proceed to full production at its Scotia and Endurance tin-sapphire projects. Update on Scotia and Endurance Projects As a result of the need to seek further funding the Company's projects at both Scotia and Endurance are further delayed. It is expected that commissioning of the Scotia project will commence in September 2008 and production at the Endurance project is now expected to commence in the second quarter of 2009. Related Party Transaction Galena is currently directly or indirectly interested in 18,455,000 Ordinary Shares in the Company representing an interest of 11.97% in the total voting rights of the Company. Galena is therefore a substantial shareholder of the Company and considered to be a related party as defined under the AIM Rules for Companies (the "AIM Rules"). The entry into the Agreements and the terms and conditions contained therein including the Loan Facility and the possibility of extending the facility by up to £2 million is therefore classified as a related party transaction for the purposes of the AIM Rules. Accordingly, the Directors, having consulted with Grant Thornton UK LLP (in its capacity as the Company's nominated adviser), confirm that they are satisfied that the terms of the Agreements and the grant of the Loan Facility are fair and reasonable insofar as the shareholders of the Company are concerned. Upon conversion of the Loan Facility into Loan Notes and assuming such Loan Notes are converted into Ordinary Shares, Galena will be interested in 68,455,000 Ordinary Shares representing an interest of 33.52% in the total voting rights of the Company (assuming that no additional Ordinary Shares are issued). In addition, Galena shall be interested in 42,857,142 Warrants to subscribe for Ordinary Shares at £0.07 per Ordinary Share. As the Company's place of central management and control is outside the UK, the Panel on Takeovers and Mergers has agreed that the Takeover Code does not apply to the Company. Accordingly, Shareholders will not be asked at the General Meeting to approve the waiver of the Rule 9 obligation that would apply if the Company were managed in the UK. Mike Etheridge, Non-Executive Chairman, commented: "The Board appreciates the financial support provided by Galena at this very difficult time for the Company, and welcomes it as a strategic and major investor in the Company. Galena is connected with Trafigura, the international metal trading group and is an ideal strategic partner. Galena's investment decision was made under uncertain and difficult conditions and at short notice, and is a vote of confidence in the Company's projects and prospects. It ensures the necessary funding to undertake the critical trial mining, dewatering, plant modification and confirmatory drilling work to determine project feasibility. Your Board considers that Galena's support and Board representation will provide financial, operational and strategic support as we develop and optimise the Group's tin-sapphire projects. We also appreciate the support of our other shareholders, and look forward to providing them with an opportunity to invest under similar terms to Galena's investment later in 2008, when the project risk will have been reduced." Background to Galena Galena Special Situations Master Fund Limited was launched in August 2006 to invest in the mineral, mining, processing, energy and freight sectors and presently has US$200 million under management. Galena Asset Management Limited is the investment manager of Galena Special Situations Master Fund Limited and additionally manages in excess of US$600 million in other funds investing in base and precious metals. Galena Asset Management Limited is a subsidiary of Trafigura, one of the world's leading international commodity traders, which specialises in the oil, minerals and metals markets. Enquiries VAN DIEMAN MINES plc Tel: +61 (0) 2 8908 5111 Mike Etheridge, Chairman Email: Ken Frey, Managing ken.frey@vandiemanmi Director GRANT THORNTON UK LLP Tel: +44 (0) 20 7383 5100 Gerry Beaney / Fiona Owen FOX DAVIES CAPITAL LIMITED Tel: +44 (0) 20 7936 5230 Richard Hail, Corporate Finance BANKSIDE CONSULTANTS Tel: +44 (0) 20 7367 8888 Michael Padley / Libby Moss |
Posted at 20/5/2008 00:15 by innovation99 Don't feel foolish varies - even the financial institutions did not forsee the management incomptence. The commidity fundementals, however, are still in place and the new management team (vetted by the financial institutions)have clearly demonstrated a more rigorous approach than previous management, and the assests are still impressive, not just for the 1.5 million carats of quality sapphire any more given tin prices of which VDM can produce 700 tonnes per annum.I invested in Kenmare Resources some 4 years ago at 10p and the first two years there were more downs than ups but they came through (eventually) and their commidity (ilmenite and zinc) as are most commidities in the global market very much sought after at premium prices. The share now stand at 57p and still there are investors on the BB complaining because they are all waiting for the quick buck rather than looking at the investment long term. What is my point? VDM is high risk, but not an outright gamble. It is no worse than a poor keep house it just needs refurbishment - once the house is in order the true value will reappear. So as your stop loss is shattered keep your nerve and hold, do not sell on the fear factor. Yours a new investor with a two year hold programme. |
Posted at 17/5/2008 23:04 by stegrego LONDON (Thomson Financial) - Shares in Van Dieman Mines Plc. dropped afterit said it cannot rule out a "modest" shortfall in its working capital requirements as it announced further delays in the commissioning and the ramp-up to full production at its Scotia project. The AIM-listed mining company, which owns tin-sapphire projects in Tasmania, said it is reviewing a range of options to source additional working capital and is in advanced discussions with several banks and financial institutions. Commissioning of the Scotia project has been postponed to July from the initial commissioning target of Dec. 2007, with the ramp-up to full production expected by end-2008. Scotia is expected to produce 700 tonnes of tin and 1.5 million carats of mine rough, gem quality sapphire per year at full production. A review of the project was initiated by the board and follows the company's decision last month to remove founder Neil Kinnane as a director and the resignation in February of chief executive and managing director Clive Trist. "Your board has acted decisively in recent months to deal with previous operational and management deficiencies in the company," said non-executive chairman Mike Etheridge. At 9:52 a.m., its shares had slumped 2.125 pence, or 20 percent, to 8.625 pence. These recent developments are worse than we had previously anticipated," said Fox-Davies Capital. "Full production is now not expected until the end of this year and shortcomings have now been revealed with the mining method, the concentrating facility and the reserve model." The group is reviewing previously published JORC reserves and resources estimates as the current figures rely mainly on drilling data that is 70 to 100 years old. "The basis upon which the previous management team determined the JORC reserves and resources was not consistent with current best practice," it said. Van Dieman will carry out about 5,000 metres of drilling to validate the previously determined reserves. The proposed drilling programme will initially focus on the Scotia Project resource and will take about 4 to 6 months and A$0.5 million to complete. "Unfortunately, Van Dieman has lurched from issue to issue over the last six months," said Brock Salier, an analyst at Ambrian Capital. "Support of any fundraising will clearly be a difficult pill to swallow for investors that originally came in several years ago. That said, new management have clearly demonstrated a more rigorous approach than previous management, and we still believe the asset is impressive - and not just for the sapphire any more given tin prices," he added. Ron Goodman, previously a non-executive at the group, was appointed executive director of operations in April and led the review into Scotia and the Endurance project. The review will result in a Revised Mine Development Plan that will lead to significant changes to aspects of mining and processing at both projects. Van Dieman said the Endurance project is on track with production expected to start early in 2009, subject to permitting approval and changes to the mine plan. The main findings of the operational review were the proposed mining methods and significant components of the original process plant design for Scotia -- and also planned for Endurance -- were inappropriate. The company anticipates overall capital costs may be reduced by an estimated A$4 million to A$6 million at both projects on the basis of expected disposal proceeds and termination of surplus equipment on order. It also envisages as-yet unquantifiable operating cost savings from simpler mining and processing plant across the Scotia and Endurance projects and the potential to increase plant throughput after full commissioning. "The board is now satisfied that we have the people in place to deliver the Revised Plan, and can move confidently to commissioning the Scotia Project within the next few months," said Etheridge. "Subject to the results of the proposed drilling programme, the board currently considers that the Scotia and Endurance projects will be technically and economically robust, given the expected reductions in both capital and operating costs that the Revised Mine Development Plan envisages," he added. The board expects to be in a position to provide more detailed guidance on the costs and benefits from the Revised Mining Development Plan and Scotia project commissioning within two months. It also said it will report as soon as possible on the forecast financial status of the company and the additional working capital requirements. |
Posted at 07/3/2008 14:31 by cestnous DazI took a very small posn in these @ 22p, hoping to build as time progressed, but its gone down ever since. Nothing yet has convinced me to increase my holdings. I would have expected some upward movement by now but it seems that the tin/sapphire combination is not lighting anyones fire, perhaps because it's unusual. Best hope, is that it will rise when there is some DEFINITE news of production, without words like 'expected' inserted as an obvious safeguard. Small miners usually rise on imminent production, and often fall when production is announced , as investors shy away from the prospect of production teething problems. I suspect (and hope) that here it may be the other way round, after the record of delays we have had, more delays is probably what potential investors fear most. |
Posted at 05/3/2008 08:09 by ramnik007 Tin 3mo Official $/m tonne 19247.50 With a seller in the mkt, in my view, it is a great opportunity for private investors to buy with what is happening to Tin price. When company IPO'd Tin was at approx $7000/ m tonne and yet investors were willing to pay approx 35p; with all the risks of developing the mine and securing all the equipment. |
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