Result of EGM (3041D)
March 21 2011 - 7:05AM
UK Regulatory
TIDMBZM
RNS Number : 3041D
Bellzone Mining PLC
21 March 2011
Monday 21 March 2011
Bellzone Mining plc
("Bellzone" or the "Company")
Results of the EGM
Further to the announcement of its fundraising on 2 March 2011,
Bellzone Mining plc (AIM: BZM), today held its Extraordinary
General Meeting ("EGM") and is pleased to confirm that all
resolutions proposed to the shareholders were duly passed.
Furthermore, the Company confirms the receipt of funds and
subsequent issue of 79,000,000 Ordinary Shares to a nominee of
China International Fund Limited ("CIF"), China Sonangol
International (S) Pte Ltd, for gross proceeds of GBP63.2
million.
Following the EGM, the Board also confirms the allotment of
102,000,000 Ordinary Shares on a non pre-emptive basis, pursuant to
the Institutional Placing for gross proceeds of GBP81.6 million.
Following the issue of the Institutional Placing Shares, CIF's
holding in Bellzone will be reduced from 12.8 per cent to 11.0 per
cent. It is expected that admission to AIM of the Institutional
Placing Shares will take place and that trading will commence at
8.00 a.m. on or around 22 March 2011.
Following the admission to AIM of the Institutional Placing
Shares, the total number of issued Ordinary Shares in Bellzone to
which voting rights are attached on the basis of one vote per
Ordinary Share held will be 721,324,485. Subject to the admission
to AIM of the Institutional Placing Shares, the above total voting
rights figure may be used by shareholders as the denominator for
the calculations by which they will determine whether they are
required to notify their interests in, or a change to their
interest in, the Company under the FSA's Disclosure and
Transparency Rules.
Definitions in the Company's announcement of 4.42 p.m. on 1
March 2011 shall have the same meaning in this announcement unless
the context otherwise requires.
Nik Zuks, Chief Executive Officer commented "We are delighted by
the support shown by both the CIF and the broader investment
community. This funding will provide sufficient capital to fully
fund Bellzone's Forecariah JV commitments, which will allow us to
achieve production by the first quarter of 2012, and to accelerate
key aspects of our Kalia Mine Project."
Enquiries:
Bellzone Mining plc
Nik Zuks/Graham Fyfe +61 8 9420 8900
Canaccord Genuity Limited
Nominated Adviser and Joint Broker to
Bellzone
Andrew Chubb/Tarica Mpinga +44 (0)20 7050 6500
Renaissance Capital Limited
Joint Broker to Bellzone
Simon Matthews/Thomas Beattie +44 (0)20 7367 7777
Tavistock Communications +44 (0)20 7920 3150
Jos Simson/Paul Youens +44 (0)7899 870 450
Bellzone Mining plc
Bellzone Mining plc is an exploration and resource development
company with iron ore and nickel / copper permits in the Republic
of Guinea, West Africa.
The Company's flagship project, the Kalia iron mine, has a JORC
resource of 3.74 billion tonnes, located on the Kalia I prospect.
Drilling results and internal estimates indicate that Kalia
prospect has the potential to host more than 10 billion tonnes of
magnetite and 2.55 billion tonnes of potential oxide at
surface.
In addition to the Kalia iron mine, an exploration and
development programme is currently underway at the China
International Fund ('CIF') held Forecariah iron permits that lie
between 40 and 80 kms from the Guinea coast. Bellzone and CIF are
jointly developing these permits which are prospective for oxide
and magnetite. The development plan is designed to support an
initial production target rate of 3-4 mtpa of direct shipping ore
('DSO') in Q1 2012 ramping up to a target rate of 10 mtpa by
2013.
Bellzone is committed to the staged development of the Kalia
iron project, which includes a 50mtpa iron ore facility, rail and
port, with initial production scheduled in 2014. Stage one is
planned to bring online 20mtpa direct shipping ore ('DSO') capacity
in 2014 and a 10mtpa magnetite concentrator in 2015. Stage two
increasing the DSO output to 30mtpa in 2017 and doubling the
concentrate capacity to 20mtpa by 2018.
Bellzone signed an Infrastructure Accord with the Republic of
Guinea giving the Company exclusive rights to the designated port
and rail areas for purposes of conducting studies for the
development of the infrastructure leading to the signing of a
convention and concession. The infrastructure forms a key part of
the Guinea Government's infrastructure strategy and will support
the development of iron ore, bauxite and other minerals in Guinea
through its availability for third party use.
On 2 August 2010, Bellzone announced signed definitive
agreements with CIF. CIF will finance and develop the rail and port
infrastructure and offer a finance package to Bellzone for the
development of the Kalia mine in exchange for the first right to
purchase 100% of the off-take of the Kalia mine at market
price.
This information is provided by RNS
The company news service from the London Stock Exchange
END
REGDKDDKDBKDQNB
Bellzone Mining (LSE:BZM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bellzone Mining (LSE:BZM)
Historical Stock Chart
From Jul 2023 to Jul 2024