Increase in Offering to $32.6 Million
October 29 2010 - 2:00AM
UK Regulatory
TIDMMIRL
RNS Number : 2187V
Minera IRL Limited
29 October 2010
Minera IRL Ltd. Announces Increase in Offering to $32.6 Million of their
Previously Announced Short Form Offering
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
London, 29, October 2010: Minera IRL Limited ("Minera IRL" or the "Company"),
(TSX:IRL) (AIM:MIRL) (BVL:MIRL) the Latin American focused gold mining,
development and exploration company, announces that the Company and Jennings
Capital Inc., as Lead Agent, together with National Bank Financial Inc.
(collectively, the "Agents") and Collins Stewart Europe Limited as special
selling group member, have increased the amount and priced the best efforts
offering of ordinary shares ("Shares") of the Company (the "Offering")
contemplated by the Company's preliminary short form prospectus (the
"Preliminary Prospectus") dated October 15, 2010. Pursuant to the pricing set
by the Company and the Agents, the Company will offer up to 28,391,304 Shares at
a price of C$1.15 per Share (or equivalent of approximately GBP0.71 per Share)
for gross proceeds of up to C$32.65 million (or equivalent of approximately
GBP20.15 million), based on an exchange rate of 1 GBP: C$1.62. The amount of the
Offering has been increased compared with that contemplated in the Preliminary
Prospectus of up to C$30.0 million.
The Company has filed and obtained a receipt for the final prospectus in respect
of the Offering with closing expected to occur on or about November 10, 2010.
The Company has granted the Agents an over-allotment option to purchase up to an
additional 4,250,296 Shares, exercisable by the Agents in whole or in part for a
period of 30 days from (and including) the closing date of the Offering.
The net proceeds of the Offering will be used to advance the Company's Ollachea
and Don Nicholas projects in Peru and Argentina, to assist the Company in
funding exploration programs on its portfolio of properties and for working
capital and general corporate purposes.
These securities have not been and will not be registered under the United
States Securities Act of 1933, as amended, or the securities laws of any state,
and may not be offered or sold in the United States unless an exemption from
registration is available. This press release does not constitute an offer to
sell or a solicitation of an offer to buy these securities in the United States.
For more information please contact:
+------------------------------------------------+-------------------+
| Minera IRL | +511 4181230 |
| | |
| Trish Kent, Vice President, Corporate | |
| Relations | |
+------------------------------------------------+-------------------+
| Jennings Capital Inc. | +1 416 304 2174 |
| Daryl Hodges | |
+------------------------------------------------+-------------------+
| Collins Stewart (Nominated Adviser & Broker, | + 44 (0)20 7523 |
| London) | 8350 |
| Adam Miller | |
| John Prior | |
+------------------------------------------------+-------------------+
| The Equicom Group Inc. (Investor Relations, | +1 403 831 7557 |
| Canada) | |
| David Feick | |
| Craig MacPhail | |
+------------------------------------------------+-------------------+
Minera IRL Limited is the TSX, AIM and BVL, Lima listed holding company of
precious metals mining and exploration companies focused in Latin America.
Minera IRL is led by an experienced senior management team with extensive
industry experience, particularly in operating in South America. The Group
operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project in Peru
as well as the Don Nicolas Project in Argentina.
The Toronto Stock Exchange neither approves nor disapproves the information
contained in this News Release.
Some of the statements contained in this release are forward-looking statements,
such as the anticipated use of proceeds and closing of the Offering estimates
and statements that describe the Company's future plans, objectives or goals,
including words to the effect that the Company or management expects a stated
condition or result to occur. Since forward-looking statements address future
events and conditions, by their very nature, they involve inherent risks and
uncertainties.
While these forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment regarding the
direction of our business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or other
future performance suggestions herein. Except as required by applicable law,
Minera IRL Limited does not intend to update any forward-looking statements to
conform these statements to actual results.
Collins Stewart Europe Limited is Nominated Adviser and Broker to Minera IRL and
will act as special selling agent in respect of the Offering within the United
Kingdom, but has not authorised the contents of, or any part of, the short form
prospectus and no liability or responsibility whatsoever is accepted by Collins
Stewart Europe Limited for the accuracy of any information or opinions contained
in the short form prospectus or for the omission of any information. No
representation or warranty, express or implied, is made by Collins Stewart
Europe Limited as to any of the contents of the short form prospectus.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCXVLLLBBFBFBV
Minera (LSE:MIRL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Minera (LSE:MIRL)
Historical Stock Chart
From Oct 2023 to Oct 2024
