LONDON MINING - ADMISSION TO AIM AND PLACING OF EXISTING ORDINARY
SHARES
(Thomson Reuters ONE) - * Admission to AIM * 37.2million existing ordinary shares placed with over 30 recognised institutions at GBP1.924 (NOK18) per share * Identifying, developing and operating scaleable mines to become a mid-tier supplier to the global steel industry * Four principle production and development iron ore assets: Sierra Leone, Saudi Arabia, Greenland and China * Potential to increase iron ore concentrate production target to 14Mtpa by 2014 and to in excess of 20Mtpa in 2018London Mining today announces its admission to the AIM market of theLondon Stock Exchange. Liberum Capital Limited is nominated adviserand joint broker along with GMP Securities Europe LLP as jointbroker. The Company is also listed on the Oslo Axess market of theOslo Børs. The Company will review the status of the Oslo Axesslisting after an appropriate period of time.In conjunction with the admission to AIM, 37,239,225 existingOrdinary Shares have been placed at GBP1.924 (NOK18) per OrdinaryShare with over 30 recognised institutions. The placing was conductedby Liberum Capital Limited and GMP Securities Europe LLP. TheCompany did not receive any proceeds from the placing. In connectionwith the placing, Sir Nicholas Bonsor (a non-executive director ofLondon Mining) and Benjamin Lee (Head of Corporate Development) have,with effect from 6 November 2009, acquired Ordinary Shares. SirNicholas Bonsor acquired 15,000 Ordinary Shares taking his totalholding in London Mining to 47,000 Ordinary Shares and Benjamin Leeacquired 5,000 Ordinary Shares. Following the acquisition, BenjaminLee has 5,000 Ordinary Shares, options over 250,000 Ordinary Sharespursuant to the London Mining plc No.1 Share Option Plan and anil-cost option award over 100,000 Ordinary Shares pursuant to theLondon Mining Long-Term Incentive Plan.Further details of the placing are set out in the AIM admissiondocument. The admission document is available on London Mining'swebsite (www.londonmining.co.uk) and the Oslo Axess website(www.newsweb.no).London Mining is focused on identifying, developing and operatingscaleable mines to become a mid-tier supplier to the global steelindustry. The Company was founded in 2005 and is headquartered inLondon. The Group's principal assets have actual or anticipatedproduction and the ability for further expansion through eitherupgrading or acquisition.The Group currently has four principal projects in iron ore, which itis either developing or operating on its own or through jointventures. The Directors believe that the total iron ore concentrateproduction capacity of the Group's four principal projects (on a 100%basis) has the potential to rise from 0.4Mtpa in 2009 to 14Mtpa in2014 and to in excess of 20Mtpa in 2018. This can be broken down asfollows: * Sierra Leone - sinter feed: 1.5Mtpa in 2011 to in excess of 3Mtpa in 2013 * Saudi Arabia - DR pellets: 5Mtpa in 2013 to 10Mtpa in 2017 * Greenland - DR pellet feed: 5Mtpa in 2014 to 10Mtpa in 2018 * China - magnetite concentrate: 0.4Mtpa in 2009 to 1Mtpa in 2011(Company estimates)The Company is currently undertaking resource definition programmesto ensure that all principal projects will have JORC standardresources in accordance with the timeframes set out in thisannouncement. The Company also has a small number of investments inother iron ore and coal development opportunities.The ability to develop projects rapidly into efficient producingmines, utilising its experienced technical and operating team, is animportant part of the Group's capabilities and strategy. The Companysuccessfully and rapidly scaled up production at its Brazilianoperations prior to selling those operations to ArcelorMittal forUSD810 million in August 2008. During its 16 month period ofownership, the Company invested USD32 million and increased theresource from 268Mt grading 47% Fe to 1.1Bt grading 38% Fe, expandedcapacity from 0.5Mtpa to 4Mtpa, completed construction of a 3.5Mtpasinter feed plant in less than 9 months and negotiated both long termofftake agreements and a short-term domestic sales agreement withVale. (These resource estimates were not prepared in accordance withan internationally recognised standard, are based on historical dataand are included for information only.).GBP219 of the proceeds from the sale of the Company's Brazilianoperations was returned to shareholders with USD68 million of theproceeds used to redeem bonds issued by the Company to finance theacquisition of the Brazilian operations. The balance after costs wasretained by the Company for re-investment. As at 30 September 2009,the Company had consolidated Group cash of USD230 million(unaudited), which it has principally allocated for the developmentof its existing projects through to key milestones.Further details of the Company's assets and management team are setout in the Appendix to this announcement.Commenting today Graeme Hossie, Chief Executive, of London Miningsaid: "London Mining's admission to AIM, combined with today'splacing of shares into the market from pre-existing shareholdersgives us both the liquidity and exposure we need in a market thatunderstands mining. We are fully funded to reach all of our keymilestones, including full development of the Marampa Mine in SierraLeone next year to its first phase of production. As we move ourprincipal projects forward and progress our JORC delineationprogramme we expect to be able to communicate operational progressregularly to the market. Our objective is to become a mid-tiersupplier of bulk commodities to the global steel industry, with aparticular focus being directed towards iron ore."Please see the full announcement including the Appendix and the AIMadmission document enclosed.For more information, please contact:London MiningGraeme Hossie, Chief Executive Officer +44 20 7201 5000Rachel Rhodes, Finance DirectorThomas Credland, Head of Investor RelationsLiberum Capital (Broker/Nomad)Clayton Bush/Ellen Francis +44 20 3100 2000GMP Securities Europe (Broker)Jeremy Wrathall +44 20 7647 2800Crux Kommunikasjon AS (Norway media)Charlotte Knudsen +47 97 56 19 59Threadneedle Communication (UK media)Laurence Read/ Graham Herring +44 20 7653 9850About London MiningLondon Mining Plc is a UK-based company that is developing mines forthe steel industry. The company owns 100% of the Marampa hematiteiron ore mine in Sierra Leone, 100% of the Isua magnetite iron oreproject in Greenland, a 50% stake in on the Wadi Sawawin jointventure in Saudi Arabia and a 50% stake in the China Global MiningResources joint venture. It also has minority interests in SouthAfrica and Colombia. The Company listed on the Oslo Axess, amarketplace regulated by the Stock Exchange, on 9 October 2007. Ittrades under the symbol LOND.NO.DisclaimerThe Company is not offering any new Ordinary Shares or any othersecurities in connection with the Admission. The Ordinary Shares havenot been nor will they be, registered under the US Securities Act of1933, as amended, or with any securities regulatory authority of anystate or other jurisdiction of the United States or under theapplicable securities laws of Australia, Canada, Japan, South Africaor the Republic of Ireland. Subject to certain exceptions, theOrdinary Shares may not be offered or sold in the United States,Australia, Canada, Japan, South Africa or the Republic of Ireland orto or for the account or benefit of any national, resident or citizenof Australia, Canada, Japan, South Africa or the Republic of Irelandor any person located in the United States.This announcement does not constitute an offer of, or thesolicitation of an offer to subscribe for or buy, any Ordinary Sharesto any person in any jurisdiction to whom it is unlawful to make suchoffer or solicitation in such jurisdiction and is not fordistribution in, or into, the United States, Australia, Canada,Japan, South Africa or the Republic of Ireland. The distribution ofthis announcement in other jurisdictions may be restricted by law andtherefore persons into whose possession this announcement comesshould inform themselves of and observe such restrictions.Liberum Capital Limited ("Liberum") is regulated by the FinancialServices Authority and is acting exclusively for the Company and forno one else in connection with the placing of existing OrdinaryShares (the "Placing") and Admission. Liberum will not be responsibleto anyone other than the Company for providing the protectionsafforded to customers of Liberum or for advising any other person onthe contents of this announcement or the Placing and Admission. Theresponsibility of Liberum as nominated adviser and joint broker tothe Company is owed solely to the London Stock Exchange and is notowed to the Company or the Directors or any other person. Norepresentation or warranty, express or implied, is made by Liberum asto the contents of this announcement. No liability whatsoever isaccepted by Liberum for the accuracy of any information or opinionscontained in this announcement or for the omission of any materialinformation for which it is not responsible.GMP Securities Europe LLP ("GMP") is regulated by the FinancialServices Authority and is acting exclusively for the Company (asjoint broker) and for no one else in connection with the Placing andAdmission. GMP will not be responsible to anyone other than theCompany for providing the protections afforded to customers of GMP orfor advising any other person on the contents of this announcement orthe Placing and Admission. The responsibility of GMP as joint brokerto the Company is owed solely to the London Stock Exchange and is notowed to the Company or the Directors or any other person. Norepresentation or warranty, express or implied, is made by GMP as tothe contents of this announcement. No liability whatsoever isaccepted by GMP for the accuracy of any information or opinionscontained in this announcement or for the omission of any materialinformation for which it is not responsible.This announcement, including information included or incorporated byreference in this announcement, may contain 'forward-lookingstatements'. Generally, the words 'will', 'may', 'should', 'could','would', 'can', 'continue', 'opportunity', 'believes', 'expects','intends', 'anticipates', 'estimates' or similar expressions identifyforward-looking statements. The forward-looking statements involverisks and uncertainties that could cause actual results to differmaterially from those expressed in the forward-looking statements.Many of these risks and uncertainties relate to factors that arebeyond the Company's ability to control or estimate precisely, suchas future market conditions and the behaviours of other marketparticipants, and therefore undue reliance should not be placed onsuch statements. London Mining assumes no obligation and does notintend to update these forward-looking statements, except as requiredpursuant to applicable law or regulation.http://hugin.info/137683/R/1353091/327686.pdfhttp://hugin.info/137683/R/1353091/327689.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 06.11.2009 - 09:01 Uhr
Sprache: Deutsch
News-ID 8025
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 253 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"LONDON MINING - ADMISSION TO AIM AND PLACING OF EXISTING ORDINARY
SHARES"
steht unter der journalistisch-redaktionellen Verantwortung von
London Mining Plc (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
