| Mon 28 Jan 2008, 10:09 | | MMH - Miranda - General issue of shares for cash by Miranda raises R20.7 Million |
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MMH
MMH
MMH - Miranda - General issue of shares for cash by Miranda raises R20.7 Million
for the development of coal exploration properties
Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
JSE code: MMH & ISIN: ZAE000074019
("the Company" or "Miranda")
General issue of shares for cash by Miranda raises R20.7 million for the
development of coal exploration properties
Introduction
At the annual general meeting of the Company held on 23 January 2007, the
requisite majority of Miranda shareholders approved an ordinary resolution
authorising the directors of Miranda to issue shares for cash in accordance with
paragraph 5.52 of the JSE Limited ("JSE") Listings Requirements ("general
authority"). In accordance with this general authority the Company has
successfully placed 28,000,000 ordinary shares ("placed shares"), equating to
14.96 percent of the Company`s issued share capital, thereby raising
R20,720,000. The placed shares will be listed on the JSE with effect from the
commencement of business on 28 January 2008. The placed shares rank pari passu
with the existing ordinary shares of the Company.
In terms of the private placing, Miranda placed 28,000,000 ordinary shares at an
issue price of 74 cents per ordinary share, which represents a 9.0% discount to
the 30 day volume weighted average price of 81.32 cents per ordinary share as at
4 December 2007. The shares were placed with institutional shareholders, who
qualify as public shareholders as defined in paragraphs 4.25 and 4.26 of the JSE
Listings Requirements.
Application of proceeds
The proceeds will be used to develop the coal exploration properties of Street
Spirit Trading (Pty) Ltd, Applewood Trading (Pty) Ltd, Nungu Trading (Pty) Ltd,
Yarl and Uithoek. Prospecting permits on these properties have been granted by
the Department of Minerals and Energy. The planned prospecting activities on
these properties represent the next important phase in developing Miranda`s
KwaZulu-Natal coal field interests.
Financial effects
The table below reflects the unaudited pro forma financial effects of the above
mentioned general issue of shares for cash. The pro forma financial effects have
been prepared for illustrative purposes only and in terms of the JSE Listings
Requirements and therefore, due to their nature, may not truly reflect Miranda`s
financial position or results. The directors of Miranda are responsible for the
preparation of the pro forma financial effects.
Before the Pro forma Change
issue after the (%)
issue
Basic loss - cents per share 0.97 0.84 (13.40)
Headline loss - cents per share 0.97 0.84 (13.40)
Weighted average number of shares 175,948,000 203,948,000 15.91
in issue
Net asset value ("NAV") - cents 175.14 161.97 (7.52)
per share
Net tangible asset value ("NTAV") 5.77 14.65 153.90
- cents per share
Closing number of shares in issue 187,130,865 215,130,865 14.96
Notes:
I. The "Before the issue" figures are based on Miranda`s published and audited
annual results for the twelve months ended
31 August 2007.
II. The "Pro forma after the issue" column is based on the assumption that the
issue was effective on 1 September 2006 for basic loss per share and
headline loss per share. It is assumed that the proceeds will be utilised
for capital expenditure and working capital and will therefore not affect
earnings for the period. Losses per share, however, will be diluted by the
new number of shares in issue.
III. The "Pro forma after the issue" column is based on the assumption that the
issue was effective on 31 August 2007 for NAV and NTAV purposes.
Centurion
28 January 2008
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Corporate advisor
Qinisele Resources (Pty) Limited
Enquiries
Miranda Mineral Holdings Limited +27 12 654 1345
Financial Director: Wayne Ison
www.mirandaminerals.com
Date: 28/01/2008 10:09:01 Produced by the JSE SENS Department.
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