Closing of C$33.1 Million Offering (6954Y)
March 05 2012 - 7:58AM
UK Regulatory
TIDMMIRL
RNS Number : 6954Y
Minera IRL Limited
05 March 2012
For immediate release 5 March 2012
Minera IRL Announces Closing of Approximately C$33.1 Million
Offering
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
London and Toronto, 5 March 2012: Minera IRL Limited ("Minera
IRL" or the "Company"), (TSX:IRL) (AIM:MIRL) (BVL:MIRL) the Latin
America gold mining company, is pleased to report that it has
closed the previously announced best efforts offering of ordinary
shares ("Shares") of the Company (the "Offering") at a price of
C$1.13 per Share (72p per ordinary share, converted at the Bank of
Canada daily noon rate on 23 February, 2012 and rounded to the
nearest penny). The Company filed a final short form prospectus
("Final Prospectus") with the securities regulatory authorities in
each of the provinces of Canada, except Quebec, in connection with
the Offering on 28 February 2012. Concurrent with the closing of
the Offering, the Agents exercised in full their over-allotment
option of 2,660,000 Shares. Including the Shares issued as a result
of the exercise of the over-allotment, a total of 29,260,000 Shares
were issued, raising gross proceeds of C$33.1 million.
"The closing of this Offering, which was well supported by
existing and new shareholders, allows Minera IRL to consolidate and
build upon the progress we have made toward becoming a mid-tier
gold producer by 2015", said Courtney Chamberlain, Executive
Chairman. "In 2011 we added significant new gold resources,
completed a successful pre-feasibility study on our flagship
Ollachea Gold Project and, most recently, completed a successful
feasibility study on our Don Nicolas Project in Patagonia,
Argentina. During 2012 we expect to complete the full feasibility
study at Ollachea, permit and commit Don Nicolas to development and
continue with our exploration programs in Peru and Argentina."
The Company intends to use the net proceeds of the Offering,
together with its existing cash resources to complete the
exploration and development tunnel, feasibility study and further
exploration programmes at Ollachea, to undertake brownfield
exploration, permitting and detail engineering at Don Nicolas and
conduct exploration programmes in the wider Patagonia region with
the remainder for working capital and general corporate
purposes.
The Offering was completed by a syndicate of investment dealers
led by RBC Capital Markets as sole global bookrunner and Jennings
Capital Inc. and Haywood Securities Inc. with Collins Stewart
Europe Limited and FinnCap Limited as special selling agents in the
United Kingdom only (collectively, the "Agents").
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
Trish Kent, Vice President, Corporate Relations +511 4181230
RBC Capital Markets (Sole Global Bookrunner
and Co-broker, London)
Stephen Foss
Martin Eales +44 (0)20 7653 4000
Collins Stewart (Nominated Adviser & Broker,
London)
John Prior
Adam Miller +44 (0)20 7523 8350
finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
Matthew Robinson (Corporate Finance)
Joanna Weaving (Corporate Broking) +44 (0)20 7600 1658
Buchanan (Financial PR, London)
Bobby Morse
James Strong +44 (0)20 7466 5000
Jennings Capital Inc. (Canada)
Daryl Hodges +1 416 304 2174
Haywood (Canada)
Kevin Campbell +1 604 697 7103
Minera IRL Limited is the AIM traded, TSX and BVL 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
operating in South America. The Group operates the Corihuarmi Gold
Mine and the advanced gold projects Ollachea in Peru and Don
Nicolas in Argentina. For more information, please visit
www.minera-irl.com.
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 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 or regulation, Minera IRL Limited does not intend to update any
forward-looking statements to conform these statements to actual
results.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBKPDPBBKDANK
Minera (LSE:MIRL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Minera (LSE:MIRL)
Historical Stock Chart
From Jul 2023 to Jul 2024