Hambledon Mining PLC Share Authorities Renewal, Name Change & GM Notice (3577W)
December 24 2013 - 8:15AM
UK Regulatory
TIDMHMB
RNS Number : 3577W
Hambledon Mining PLC
24 December 2013
24 December 2013
Hambledon Mining plc
("Hambledon" or the "Company")
Proposed increase of authority to allot shares and disapply
pre-emption rights
Proposed change of name to GoldBridges Global Resources plc
and
Notice of General Meeting
Hambledon Mining plc (AIM: HMB), the gold mining and development
company announces that it is today posting a circular (the
'Circular') to shareholders requesting authority to change the name
of the Company to GoldBridges Global Resources plc. The Company is
also proposing an increase of the Director's authority to allot
shares and disapply pre-emption rights (the 'Share Authorities
Renewal').
The Circular includes a formal notice of the requisite general
meeting, to be held at the offices of Gowlings (UK) LLP at 125 Old
Broad Street, London EC2N 1AR at 11a.m. on Monday 13 January 2014.
A copy of the circular is available on the Company's website -
http://www.hambledon-mining.com/.
Background to and reasons for the Share Authorities Renewal
As part of the strategic update announced by the Company on 6
December 2013, Hambledon stated that it expected capital
expenditure over the life of the Sekisovskoye mine to be
approximately USD 130 million. At the same time, the Board
announced that it expects to fund this capital requirement
principally through funds generated from operations. The Board
believes that the balance of finance that will be required from
external sources is approximately USD 50 million and is pleased to
confirm that the Company is in advanced discussions with a number
of banks and other debt providers with a view to meeting further
funding requirements in a way that incurs the lowest possible cost
of capital and results in least dilution to shareholders.
During the recent discussions regarding debt financing, it
became clear that the recent volatility in the gold price will
impact the cost, timing and extent of available debt and the Board
is mindful that it needs to maximise the Company's flexibility in
securing its funding requirements. As such, the Board is seeking
authority from its shareholders to approve the Share Authorities
Renewal, which will enable shares to be issued which the Board
believes will be sufficient to raise equity to bridge any shortfall
in available debt and ensure that the Company's expanded operations
will not be impacted.
The Board confirms that any ordinary shares agreed to be
allotted and issued pursuant to the Share Authorities Renewal,
which increases the amount of shares the Board is currently
authorised to allot on a non pre-emptive basis to up to
approximately 35 per cent. of the current issued share capital of
the Company for up to six months following the date of the General
Meeting (thereafter reducing to 10 per cent.), shall not be
allotted and issued to existing substantial shareholders (which
shall include African Resources Limited and its concert parties)
within such six month timeframe if to do so would increase their
current percentage holdings in the Company.
Background to and reasons for the Change of Name
The Directors take the view that the change of name would be
beneficial to the business of the Company as it embarks on a new
stage in its development and will reflect its continued evolution
and its growing ambitions.
For further information please contact:
Hambledon Mining Plc
Bogdan Poustovoi, CFA +44 (0) 207 932 2455
Strand Hanson (Nomad and Joint Broker)
Andrew Emmott
James Spinney
Ritchie Balmer +44 (0) 207 409 3494
Peat & Co. (Joint Broker) +44 (0) 203 540 1720
John Beaumont, COO and Head of Research +44 (0) 203 540 1723
Blythe Weigh Communications (Financial PR)
Tim Blythe
Halimah Hussain
Camilla Horsfall +44 (0) 207 138 3204
This information is provided by RNS
The company news service from the London Stock Exchange
END
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