Equity financing for Labrador Iron
05 Avril 2011 - 11:02AM
UK Regulatory
TIDMAYM
Anglesey Mining plc LSE:AYM
4 April 11
LIM announces equity financing in Canada
Anglesey Mining's 41% owned associate Labrador Iron Mines Holdings Limited
(TSX: LIM) (the "Company" or "LIM") is pleased to announce that it has filed a
preliminary short form prospectus in connection with an overnight marketed
public offering (the "Offering") of the Company's common shares ("Common
Shares") and flow-through common shares (the "FT Shares", and together with the
Common Shares the "Underwritten Shares"). The Offering will be conducted
through a syndicate of underwriters led by Canaccord Genuity Corp. (the
"Underwriters"). The Company will also grant the Underwriters an over-allotment
option to purchase up to that number of additional common shares (the
"Over-Allotment Common Shares", and together with the Common Shares and FT
Shares, the "Offered Securities") equal to 15% of the Underwritten Shares sold
pursuant to the Offering, exercisable at any time up to 30 days after and
including the closing of the Offering at a price equal to the offering price of
the Common Shares.
The Offering will be priced in the context of the market with final terms of
the Offering to be determined at the time of pricing.
The Company intends to use the net proceeds from the Offering for upgrades to
and expansion of the Silver Yards plant, payments under the recently announced
rail transportation agreements, for exploration and development of the
Company's mineral projects, and for general corporate and working capital
purposes.
The Offering is being made pursuant to a short form prospectus to be filed in
each of the provinces of Canada other than Quebec. The Offered Securities will
not be registered under the U.S. Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.
This press release does not constitute an offer of securities for sale in the
United States. The securities being offered have not been, nor will be,
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United States absent U.S. registration or an
applicable exemption from U.S. registration requirements.
About Labrador Iron Mines Holdings Limited (LIM)
LIM's Schefferville Area project involves the development of twenty direct
shipping iron ore deposits in western Labrador and north-eastern Quebec near
Schefferville, Quebec. The properties are part of the historic Schefferville
area iron ore district where mining of adjacent deposits was previously carried
out by the Iron Ore Company of Canada from 1954 to 1982.
LIM contemplates mining in stages, the first phase of Stage 1 comprising the
James and Redmond deposits, which are located in close proximity to existing
infrastructure, and for which all operating permits have been issued and plant
construction and mine development is nearing completion.
For further information, please view the Company's website at
www.labradorironmines.ca.
About Anglesey Mining plc
Anglesey Mining with its LSE main board listing is primarily focused on its 41%
interest in Labrador Iron Mines (TSX:LIM). In addition to any new projects that
may be brought forward the company owns 100% of Parys Mountain in North Wales
with an historical resource in excess of 7 million tonnes at over 9% combined
copper, lead and zinc.
For further information, please contact:
Bill Hooley, Chief Executive +44 (0) 1492 541981
Ian Cuthbertson, Finance Director +44 (0) 1248 361333
Emily Fenton / Charlie Geller,
Tavistock Communications +44 (0) 20 7920 3155 / +44 (0) 7788 554035
END
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