Capital Raising
October 05 2010 - 2:00AM
UK Regulatory
TIDMNGL
RNS Number : 8332T
Norseman Gold PLC
05 October 2010
Norseman Gold plc / Epic: NGL / Index: AIM & ASX / Sector: Mining & Exploration
5 October 2010
Norseman Gold Plc
('Norseman Gold' or 'the Company')
Capital Raising Completed
Norseman Gold, the AIM-listed and ASX-listed Australian gold production company
announces that Ocean Equities Limited and Seymour Pierce Limited have
successfully completed a private placement of 25,000,000 new ordinary shares
('Placing Shares') at a price of 45 pence per Placing Share to raise
GBP11,250,000 (approximately A$18,300,000) before expenses.
It is the intention of the Directors to apply the funds raised to bring the
North Royal Open Pit into production.
Application will be made to have the Placing Shares admitted to trading on AIM
and trading is expected to commence on 7 October 2010.
Following the issue of the Placing Shares, Norseman Gold's issued share capital
will consist of 197,610,000 ordinary 1.25p shares with voting rights. This
figure may be used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their interest in, or a
change to their interest in, Norseman Gold under the FSA's Disclosure and
Transparency Rules.
**ENDS**
For further information visit www.norsemangoldplc.com or contact:
+--------------+------------------------+------------------------+
| Barry Cahill | Norseman Gold Plc | Tel: +61 (0) 8 9473 |
| | | 2222 |
| | | E-mail: |
| | | investors@ngold.com.au |
+--------------+------------------------+------------------------+
| Guy Wilkes | Ocean Equities Ltd | Tel: +44 (0) 20 7786 |
| | | 4370 |
+--------------+------------------------+------------------------+
| Nandita | Seymour Pierce Ltd | Tel: +44 (0) 20 7107 |
| Sahgal | | 8000 |
+--------------+------------------------+------------------------+
| Hugo de | St Brides Media & | Tel: +44 (0) 20 7236 |
| Salis / | Finance Ltd | 1177 |
| Isabel | | |
| Crossley | | |
+--------------+------------------------+------------------------+
Note to editors:
Norseman Gold Plc is an AIM listed and ASX listed Australian gold production
company, which acquired the Norseman Gold Project in May 2007, Australia's
longest continually running gold operation. The Norseman Gold Project is
located in the Eastern Goldfields of Western Australia in the highly prospective
Norseman-Wiluna greenstone belt, 725km east of Perth and 186km from Kalgoorlie.
Gold was first found on the Norseman field in 1894 and over the last 65 years it
has produced over 5.5 million oz of gold. The mine is currently producing from
three high-grade narrow-vein underground mines - the Bullen, the Harlequin and
the OK Declines. Currently, it has a total resource inventory of 3.8 million oz
of gold at an average grade of 5.3 g/t.
The tenements cover a 2,180 sq km area centred on the Norseman Township. The
landholding comprises 221 tenements consisting of 16 Exploration Licences, 107
Mining Licences, 64 Prospecting Licences, 15 Miscellaneous Licences, 5
Exploration Licence Applications, 13 Prospecting Licence Applications and 1
Mining Lease Application.
The Company's strategy is focused on extending the mine life through the
conversion of resources into reserves and identifying additional resources and
obtaining additional ore for the operating mill through the development of a
fourth and subsequent mines. The Company has fifteen advanced resource projects
under review of which three have pre-development work being undertaken on them.
It is anticipated that at least one if not all the pre-development projects will
develop into mining propositions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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