| Fri 24 Aug 2007, 11:22 | | AEA - African Eagle - African Eagle Resources list |
|
AEA
AEA
AEA - African Eagle - African Eagle Resources lists on AltX of the JSE Limited
African Eagle Resources plc
(Incorporated in England and Wales, registered number 3912362)
AIM share code: AFE
AIM ISIN: GB0003394813
JSE share code: AEA
JSE ISIN: GB0003394813
("African Eagle" or "the Company")
24 August 2007
African Eagle Resources lists on the Alternative Exchange of the JSE Limited
(AltX)
Highlights
Largest capital-raising on AltX by an exploration and development company
Placement of 53 457 310 shares at R1.95 a share to raise R104.2 million The
Company`s exploration programme now fully funded for the next 24 months About
30% of African Eagle`s shareholder register is now in South African investors`
hands
African Eagle Resources plc (AIM: AFE, AltX: AEA), a mineral exploration and
development company with projects in Zambia, Tanzania and Mozambique, lists on
the Alternative Exchange of the JSE Limited (AltX) today following a placement
of 53 457 310 shares at a price of R1.95 a share.
Commenting today, African Eagle Chairman John Park said "We are enormously proud
to be notching up some important AltX firsts.
"We are the first AIM-listed resource company without South African assets or
previous South African connections to list on AltX and ours is the biggest
capital-raising to date on AltX by an exploration and development company."
Park added "The relative ease of meeting AltX`s requirements, coupled with the
South African market`s understanding of mining and Africa, and its strong
appetite for exploration ranked high amongst African Eagle`s reasons for
choosing AltX over other options."
Reflecting the last of these points, he said, was the company`s `remarkable`
success in raising a total of R88 million through a private placement of 45 457
310 African Eagle shares with South African investors prior to the AltX listing.
The other 8 000 000 shares were placed with JP Morgan, a longstanding UK
shareholder.
The raising means African Eagle can now show some 30% of its shareholder
register as being in South African hands. The capital raised means African
Eagle`s exploration programme will be fully funded over the next 24 months, and
the company will have enough capital to bring various projects to feasibility
stage.
Noah Greenhill, Head of Marketing and Business Development at the JSE said: "We
believe it is testimony to the quality of AltX that African Eagle is the first
company with no South African assets to dual-list on the JSE.
We are delighted that it is an African, resource-based company. Capital has been
raised in South Africa and we offer an environment in which there is liquidity
without added regulatory burden."
For further information:
Mark Parker
Managing Director, African Eagle
+44 20 7248 6059
+44 77 5640 6899
Nicola Marrin
Seymour Pierce
+44 20 7107 8000
Ed Portman / Leesa Peters
Conduit PR, London
+44 20 7429 6607
James Duncan
Russell & Associates, Johannesburg
+ 27 11 8803924 / +27 82 8928052
About African Eagle
African Eagle is a mineral exploration and development company operating in
eastern and central Africa. The Company`s principal advanced projects are the
Mkushi Copper Mines project in Zambia and the Miyabi gold project in Tanzania,
which are being fast-tracking towards production. The Company also holds a large
well-balanced portfolio of promising earlier stage gold and base metal projects,
including the Ndola copper project and the Eagle Eye iron-oxide copper gold
project.
African Eagle`s projects are in Zambia, Tanzania and Mozambique, countries which
all have highly prospective geology, relatively low above-ground risks and track
records of successful major investments in the metals and minerals industries.
African Eagle specialises in project generation and exploration. To take its
discoveries into production, it seeks to sign up industry partners with records
of successful mine development. These joint ventures and, in time, the revenue
from advanced projects, will finance future exploration and new discoveries.
The Company has a highly motivated team, proven management and an experienced
board. African Eagle prides itself on being a low cost operator and on average
80p or more of every GBP1 is spent "in the ground".
Date: 24/08/2007 11:22:58 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
