Placing and investment (5969W)
22 11월 2010 - 10:30PM
UK Regulatory
TIDMHRE
RNS Number : 5969W
Hameldon Resources Limited
22 November 2010
22 November 2010
HAMELDON RESOURCES LIMITED (AIM: HRE)
CONDITIONAL PLACING
AND
INVESTMENT IN ASCOT MINING PLC
Hameldon Resources Limited ("HRE or the "Company") is pleased to
announce the transactions below.
Conditional Placing of 111.7 million new shares ("Placing")
The Company has conditionally placed 111,666,664 new ordinary
shares of 0.25p each ("Placing Shares") with new and existing
investors at a price of 0.60p per share to raise GBP670,000 before
expenses. Completion of the Placing is subject to the following
outstanding conditions precedent: (i) passing of all resolutions
("Resolutions") set out in the Company's notice of Extraordinary
General Meeting sent to shareholders on 2 November 2010; and (ii)
admission of the new Placing Shares to trading on AIM. The proceeds
of the Placing will be deposited into an escrow account pending
satisfaction of the conditions precedent.
On Admission, The Placing Shares will rank pari passu with the
existing ordinary shares of 0.25p each ("Ordinary Shares") in the
Company.
Investment
The Company has entered into a transaction to invest GBP429,999
in Ascot Mining Plc ("Ascot") by way of a subscription for
convertible loan notes issued with a 10% coupon, redeemable in
2015, and convertible at any time at HRE's discretion into new
Ascot ordinary shares at 20p per share. In addition, HRE has been
granted warrants to subscribe for 3,009 993 additional new Ascot
ordinary shares at an exercise price of 20p per new Ascot ordinary
share, valid for 5 years.
Ascot is quoted on the PLUS-quoted market, an exchange regulated
market operated in London by PLUS Markets Plc, where it trades
under the stock code ASMP, and is traded on XETRA and PLUS.
Ascot Mining has a focus on gold production in Costa Rica. The
Company currently has a portfolio of four assets. The Company's
flagship asset is the Chassoul Gold Mine located in Coasta Rica.
Gold production is targeted to reach 1,200 ounces of Gold per month
in Q1 2011.
The purpose of the investment was to enable Ascot to meet its
payment obligations to the vendor of its Chassoul Gold Mine in
Costa Rica.
In its year ended 30 September 2009, Ascot made an audited loss
before taxation of GBP2.0 million and as at that date had net
assets of GBP7.2 million.
Hameldon Resources Limited
Waseem Shiraz
+44 207 399 4380
Tom Winnifrith
+44 1624 676848
Strand Hanson Limited
James Harris / Angela Peace
+44 207 409 3494
Bishopsgate Communications
Nick Rome / Michael Kinirons
+44 207 562 3350
This information is provided by RNS
The company news service from the London Stock Exchange
END
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