Anglesey Mining plc LSE:AYM
18 January 2013
LIM Announces Unit Equity Financing
Anglesey Mining's 19.7% owned associate Labrador Iron Mines
Holdings Limited (TSX:LIM) announces that it has filed an amended
and restated preliminary short form prospectus in connection with
an overnight marketed public offering (the "Offering") of units of
LIM (the "Units") at a price of C$1.05 per Unit (the "Offering Price"). Each Unit
will consist of one common share of LIM and one-half of one common
share purchase warrant. Each warrant will entitle the holder to
purchase one common share of LIM at an exercise price of
C$1.35 per common share for a period
of 36 months following the date of closing of the Offering. The
Offering will be conducted through a syndicate of underwriters led
by Canaccord Genuity Corp. and including RBC Dominion Securities
Inc., Scotia Capital Inc., Macquarie Capital Markets Canada Ltd.,
Jennings Capital Inc. and Raymond James Ltd. (the
"Underwriters").
LIM will also grant the Underwriters an over-allotment option to
purchase up to that number of additional units (the "Over-Allotment
Units") equal to 15% of the Units 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.
LIM intends to use the net proceeds from the Offering to fund
pre-stripping, mining, and processing costs, including payments to
LIM's mining contractors, and transportation costs, including
tariff payments to TSH and QNS&L, in connection with the
seasonal resumption of production operations in April 2013; capital and infrastructure
expenditures on the Silver Yards processing plant including the
connection to hydro power; and to supplement working capital and
general and administrative costs for the remaining winter
season.
For further information, please visit LIM's website at
www.labradorironmines.ca .
About Anglesey Mining plc
Anglesey holds 19.7% of Toronto-listed Labrador Iron Mines Holdings
Limited (TSX:LIM) which is producing high grade hematite from its
James pit, one of LIM's twenty direct shipping iron ore deposits in
western Labrador and north-eastern
Quebec.
Anglesey is also carrying out exploration and development work
at its 100% owned Parys Mountain zinc-copper-lead deposit in
North Wales, UK where a JORC
Code-compliant resource of 2.1mt at 6.9% combined base metals in
the indicated category and 4.1mt at 5.0% combined in the inferred
category was published in November
2012.
For further information, please contact:
Bill Hooley, Chief Executive +44
(0)1492 541981;
Ian Cuthbertson, Finance Director
+44 (0)1248 361333;
Samantha Harrison / Klara Kaczmarek: RFC Ambrian +44 (0)20 3440
6800;
Emily Fenton / Jos Simson:
Tavistock Communications +44 (0)20 7920 3155