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GVM
GVGVM
GVM - GVM Metals Limited - Placement and appointment of non-executive directors
GVM Metals Limited
(Previously, "Golden Valley Mines Limited")
(Incorporated and registered in Australia)
(Registration number ACN 008 905 388)
Share code on the JSE Limited: GVM & ISIN: AU000000GVM1
Share code on the Australian Stock Exchange Limited: GVM & ISIN: AU000000GVM1
("GVM" or `the Company")
PLACEMENT TO ASIA ENERGY PLC AND APPOINTMENT OF NON-EXECUTIVE DIRECTORS
GVM s pleased to announce that it has placed 12.2 million new ordinary shares at
a price of 20 pence per share (AUD 0.50) to Asia Energy plc (AIM : AEN) ("Asia
Energy") to raise a total of GBP 2,400,000 (AUD 6,000,000).
GVM has invited Steve Bywater and Graham Taggart, Asia Energy`s CEO and CFO
respectively to join the GVM Board as non-executive directors.
The funds will be utilized in developing GVM`s expanding coal interests in South
Africa.
The placement is within the limits set out in the ASX Listing Rules and does not
require shareholder approval. Following allotment of the placement shares the
Company will have a total of 93 559 328 shares in issue.
Simon Farrell, Managing Director of the Company said:
"We are delighted to work with Asia Energy bringing our diverse coal interests
into production. Steve Bywater and Graham Taggart bring enormous experience in
operating world class coal and iron ore mines and I look forward to their help
in what is going to be a very exciting and challenging period of the company`s
growth".
Steve Bywater Chief Executive of the Asia Energy plc said:
"This is an exciting opportunity for Asia Energy as it looks to expand its
portfolio of investments in coal on a global basis. This transaction provides a
platform for Asia Energy plc to be involved in new and developing coal projects
with GVM."
Steve Bywater has a distinguished career in the resources industry, developing
and operating a total of 14 large-scale open pit mining operations. Before
joining Asia Energy in January 2006, he was Chief Operating Officer for Rio
Tinto Coal Australia. In this position Steve oversaw seven mining operations,
producing 60 million tonnes of saleable coal a year.
He was previously General Manager Operations for Robe River Mining, a subsidiary
of North which subsequently became a subsidiary of Rio Tinto in 2000. He was
also General Manager, Mine Operations, for Hamersley Iron Limited and General
Manager at Mount Isa Mines in both Mining and Metallurgical Operations. His
position at Robe River Mining included management of both the port and rail
facilities.
Born in Britain and now an Australian, Steve has a B.Sc. in Engineering Geology
and Geotechnics from Portsmouth University and a M.Sc. in Rock Mechanics and
Excavation Engineering from Newcastle-upon-Tyne University. He is a Fellow of
both the AUSIMM (Australasian Institute of Mining and Metallurgy) and the AIM
(Australian Institute of Management).
Graham Taggart, an Australian, is a qualified Chartered Accountant with 25 years
experience in the resources industry with Rio Tinto. Prior to joining Asia
Energy plc, Graham was Chief Financial Officer and Company Secretary for Rio
Tinto Coal Australia, where he was responsible for a group producing some 60
million tonnes per annum of thermal and coking coal. He was previously General
Manager Commercial and Chief Financial Officer for PT Kaltim Prima Coal
(producing some 20 million tonnes of thermal coal per annum), and before that he
was Director Finance for PT Kelian Equatorial Mining (producing some 500,000 oz
of gold per annum), both Indonesian based.
Asia Energy plc is a London based company quoted on the London Stock Exchange`s
Alternative Investment Market (AIM) under the code AEN. The Company`s primary
activity is the development of the Phulbari Coal Project in Northwest Bangladesh
into a world class open pit mine. The mine will have a life of more than 30
years and at full capacity will produce 15 million tonnes a year of mostly
export quality metallurgical and thermal coal.
The Company will lodge under separate cover an "Appendix 3B - New Issue
Announcement" in relation to the shares issued to Asia Energy plc and an
accompanying cleansing statement under section 708 of the Corporations Act.
Authorised by:
Simon Farrell
Managing Director
Contacts:
Simon Farrell - GVM Metals Limited
+ 61 417 985 383
Olly Cairns- Corporate Synergy
+44 (0) 20 7448 4400
Leesa Peters / Abby Singleton- Conduit PR
+44 (0) 20 7429 6600 /6606
All press releases and announcements may be inspected on the Company`s web site,
namely:www.gvm.com.au
Sponsor
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited
21 December 2006
Date: 21/12/2006 09:05:01 Produced by the JSE SENS Department.
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