Filing of Preliminary Prospectus in Canada
(Thomson Reuters ONE) -
SERABI MINING plc ("Serabi" or "the Company")
Filing of preliminary prospectus in Canada
Serabi Mining, the AIM-traded gold exploration company, advises that further to
its announcement of 3 December 2010 which stated it was seeking a listing of its
shares on a recognized Canadian stock exchange, the Company has now filed a
preliminary prospectus ("the Preliminary Prospectus") with certain of the
securities regulators in Canada. The Preliminary Prospectus remains subject to
comments by the securities regulators and potential amendment, but will be the
basis for a final prospectus that will qualify the distribution of the ordinary
shares and ordinary share purchase warrants issuable on the exercise of
10,070,000 previously issued special warrants (the "Special Warrant Offering")
also announced by the Company on 3 December 2010. The preliminary prospectus
will also to qualify the distribution of additional securities that the Company
has previously advised it may issue at the time that it completes the proposed
listing of its shares.
The Special Warrant Offering was completed on a private placement basis on 2
December 2010. Fraser Mackenzie Limited acted as the Canadian placement agent
for the Special Warrant Offering. Each whole ordinary share purchase warrant
issuable on exercise of the special warrants is exercisable for one ordinary
share at a price of $0.75 at any time prior to 5:00 p.m. (Toronto time) on
December 2, 2012. As part of the conditions of the Special Warrant Offering,
the Company undertook to obtain a listing of its shares in Canada before 1 April
2011. The Company at this stage expects that it will be in a position to
fulfill this condition.
The ordinary shares will continue to be listed and traded in the UK on AIM.
EXPLORATION STATUS
Drilling activity is on-going at Palito and, as previously advised, the Company
expects to announce results from each of the nine target drilling areas for each
discrete area as soon as its has received and interpreted all results from that
area. The Company still hopes that first results will be available before end
of the first quarter.
The previously announced 8,000 hectare helicopter borne VTEM survey was flown
and completed during January and the Company is waiting for the contractor to
review, verify and collate the various data files gathered, before being able to
pass this information to the Company's own geophysical consultant for
interpretation and correlation with other geological data that the Company
holds.
CAUTIONARY STATEMENT
In accordance with Canadian practice the Preliminary Prospectus has been filed
on the System for Electronic Document Analysis and Retrieval ("SEDAR") the
mandatory document and filing system for Canadian public companies. It should
be noted that whilst the Preliminary Prospectus is required to be made publicly
available under Canadian securities legislation, under securities regulations in
the UK it would not be normal practice for a document in the form of the
Preliminary Prospectus to be made publicly available. The Preliminary
Prospectus has not become final for the purpose of the sale of any securities
and the information contained within the Preliminary Prospectus may not be
complete and may have to be amended. No reliance therefore may be placed for
any purpose whatsoever on the information contained in the Preliminary
Prospectus or on its completeness and neither the Company, its Directors and
officers or its professional advisers accept any liability for any information
or opinions contained therein. The offering of securities contemplated by the
Preliminary Prospectus remains subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory approvals.
As the Preliminary Prospectus is available on SEDAR, under AIM Rule 26 the
Company is required to make available the Preliminary Prospectus on its web-site
www.serabimining.com. Any party accessing the Preliminary Prospectus should
note the disclaimers contained therein in particular in relation to the use of
the Preliminary Prospectus and its distribution to investors in the UK.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. More particularly, this
press release contains statements concerning the offering of securities
contemplated by the Preliminary Prospectus, the exercise of the Special Warrants
and the listing of the Company's shares in Canada, The forward-looking
statements are based on certain key expectations and assumptions made by the
Company. Although the Company believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because the Company can
give no assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of factors and
risks. The forward-looking statements contained in this press release are made
as of the date hereof and the Company undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.
Enquiries:
Serabi Mining plc
Clive Line Tel: 020 7246 6830
Finance Director Mobile: 07710 151692
Email: contact(at)serabimining.com
Website: www.serabimining.com
Beaumont Cornish Limited
Nominated Adviser
Roland Cornish Tel: 020 7628 3396
Michael Cornish Tel: 020 7628 3396
Fraser Mackenzie Limited
Canadian Broker
JC St-Amour Tel: +1 416 955 4777
Hybridan LLP
UK Broker
Claire Noyce Tel: 020 7947 4350
Farm Street Communications
Public Relations
Simon Robinson 07593 340107
Copies of this release are available from the company's website
www.serabimining.com.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Serabi Mining plc via Thomson Reuters ONE
[HUG#1487943]
Unternehmensinformation / Kurzprofil:
Datum: 11.02.2011 - 09:30 Uhr
Sprache: Deutsch
News-ID 51378
Anzahl Zeichen: 7890
contact information:
Town:
London
Kategorie:
Business News
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"Filing of Preliminary Prospectus in Canada"
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