🕐16.04.10 - 08:36 Uhr
Sable Mining Africa Ltd raises US$125 million to develop coal assets and build p ortfolio of coal and iron ore assets in Africa
Sable Mining Africa Ltd / Index: AIM / Epic: SBLM / Sector: Natural
Resources
16 April 2010
Sable Mining Africa Limited (Sable Mining or the Company)
Raises US$125 million to Develop Coal Assets and Build Portfolio of Coal
and Iron Ore Assets in Africa
Sable Mining Africa Limited, the AIM listed resource investment company,
announces that it has raised US$125 million by way of a placing of
290,024,126 new ordinary shares in the capital of the Company (the
Placing Shares), with new and existing institutional shareholders at a
price of 28 pence per Placing Share (the Placing).
The funds raised,
which provide the Company with a cash position in excess of US$160
million, will be used to progress rapidly the Companys coal interests
in South Africa, held through its interest in Delta Mining Consolidated
Ltd (DMC) and to acquire, advance and develop further assets in coal
and iron ore which meet the investment criteria of the Company.
The
Board is currently evaluating a number of opportunities in sub-Saharan
Africa to expand the portfolio base of the Company and build shareholder
value.
Sable Mining CEO Andrew Groves said, "We received a very strong response
to our fund raising, which I believe emphasises the appetite and
understanding that the investment community has for our ability to
create value by identifying and advancing resource assets in Africa.
Our inaugural investment in DMC represents the first step in our rapid
development strategy aimed at utilising our operational abilities and
building a sub-Saharan Africa focussed resource company, with world
class assets."
Following the completion of the Placing (raising US$125 million before
expenses, some of which will be satisfied by the issue of shares at the
placing price) the Placing Shares will represent approximately 31.27% of
the enlarged issued share capital of the Company, which will then
comprise 927,473,474 ordinary shares.
The Placing is conditional on admission of the Placing Shares to trading
on AIM (Admission).
Application will be made for the Placing Shares
to be admitted to trading on AIM and it is expected that Admission will
occur, and dealings in the Placing Shares will commence, on 23 April
2010.
The Placing Shares will, when issued, rank pari passu in all respects
with the existing issued shares of Sable Mining, including the right to
receive any dividends and other distributions declared following
Admission.
** ENDS **
For further information please visit www.sablemining.com or contact:
Andrew Groves
Sable Mining Africa Ltd
Tel: 020 7408 9200
Jonathan Wright
Seymour Pierce Ltd
Tel: 020 7107 8000
Stephen Mischler
Matrix Corporate Capital
Tel: 020 3206 7000
Hugo de Salis
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Susie Callear
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Susie Callear
St Brides Media & Finance Ltd
Chaucer House
38 Bow Lane
London EC4M 9AY
T: +44 (0) 207 236 1177 | M: +44 (0) 7976 749 561 | F: +44 (0) 207 236
1188 | www.sbmf.co.uk
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