EMED Mining - Result of EGM
23-12-2009

EMED Mining Public Limited (the “Company”) is pleased to announce that its shareholders approved the resolution proposed at its Extraordinary General Meeting today as set out in the circular to shareholders dated 5 December 2009.

The resolution enabled the Company to effect the placing of 27,727,273 new ordinary shares of 0.25 pence each in the Company (“Placing Shares”) at an issue price of 11 pence each with existing and new shareholders (the “Placing”). Fox-Davies Capital Limited acted as broker to the Placing which, together with concurrent options exercised by Directors, raised £3.27 million gross. The Placing Shares are expected to be admitted to trading on AIM on 24 December 2009.

The proceeds of the Placing will be used by the Company to fund the permitting process in relation to the Proyecto de Rio Tinto project in Andalucía, Spain (“PRT” or the “Rio Tinto Mine”) in accordance with the Spanish regulatory authorities. The funds raised will also go towards funding the mine-development planning and the exploration programme the Company is carrying out in Slovakia and for general working capital purposes.

Managing Director Mr. Harry Anagnostaras-Adams said:

“The completion of this placing allows us to implement some important tasks, especially at PRT in Spain where a large team of due diligence experts has joined our team as part of the operational planning and permitting process.”

ENDS

ENQUIRIES

Bishopsgate Communications
Nick Rome
 

Click here to return to the press release archive