| Wed 21 Nov 2007, 14:07 | | GVM - GVM Metals Limited - Placing of GVM Shares |
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GVM
GVGVM
GVM - GVM Metals Limited - Placing of GVM Shares
GVM Metals Limited
(previously, "Golden Valley Mines Limited")
(Incorporated and registered in Australia)
(Registration number ABN 98008 905 388)
Share code on the JSE Limited: GVM
ISIN: AU000000GVM1
Share code on the Australian Stock Exchange Limited: GVM
ISIN: AU000000GVM1
("GVM" or `the Company")
PLACING OF GVM SHARES
GVM Metals Limited (`GVM` or the `Company`) is pleased to announce that it has
today completed a conditional fundraising of GBP42.25m by way of a placing of
65,000,000 new ordinary shares in GVM at 65p per share (the `Placing`).
The monies have been raised from clients of Blue Oar Securities Plc and Mirabaud
Securities Limited, as joint brokers to the Company. The transaction will be
used to fund the acquisition and development costs relating to the Company`s
Mooiplaats and Baobab coal projects, as well as for exploration and acquisition
expenditure, working capital and expenses.
The Placing is subject to the passing of certain resolutions at the Company`s
Annual General Meeting ("AGM") to be held in Perth, Western Australia on
Wednesday, 28 November 2007 at 10.00 am, providing the required capacity for the
Placing.
Subject to and following approval of these resolutions at the AGM, application
will be made for the new ordinary shares that are the subject of the placing to
be admitted to trading on AIM, ASX and the JSE as required.
The Placing Shares will represent approximately 23 per cent of the enlarged
share capital immediately following admission of the Placing Shares to trading
on AIM.
Commenting on the announcement, Simon Farrell, managing director said, "We are
very pleased to announce this significant milestone for the Company. The scale
and pricing of this placement demonstrates the support for the potential of the
Company`s assets in a currently testing market. The proceeds of the transaction
will be utilised in accelerating GVM`s projects over the next 18 months in order
to position the Company as a significant coal producer in South Africa."
For more information contact:
Simon Farrell, Managing Director GVM
+61 417 985 383
+61 8 9322 6776
Romil Patel Blue Oar Securities Plc +44(0) 20 7448 4400
Jos Simson/Arabella Hobbs Conduit PR +44(0) 20 7429 6606
www.gvm.com.au
21 NOVEMBER 2007
South African Sponsor
PricewaterhouseCoopers Corporate finance (Pty) Ltd
Date: 21/11/2007 14:07:14 Produced by the JSE SENS Department.
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