Posting of Annual Report and Issue of New Equity

RNS Number : 6788P

Aurum Mining PLC

21 August 2014

 



AURUM MINING PLC

 (AIM: AUR)

21 August 2014

Posting of Annual Report and Issue of New Equity

Aurum Mining plc ("Aurum" or the "Company"), the Spanish focused gold and tungsten explorer, announces that it has published its Annual Report and accounts for the year ended 31 March 2014 which will be posted to Shareholders today. A copy of the document, including notice of Annual General Meeting and Form of Proxy will shortly be available on the Company's website, www.aurummining.net. The Company's Annual General Meeting will be held on 29 September at 12 noon at the offices of Wragge Lawrence Graham & Co LLP, 4 More London Riverside, London SE1 2AU.

In addition, the Company announces a placing of 4,800,000 New Ordinary Shares at a price of 1.25 pence per share to existing Shareholders, to raise £60,000 before expenses ("the Placing").  

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective at 8.00 a.m. on 28 August 2014.

The Placing will be used to fund working capital requirements to enable the business to pursue its revised strategy, as set out in its Annual Report.

D. W. Pension Fund Ltd., a long term Shareholder is acquiring £50,000 of New Ordinary Shares taking his total holding up to 36,083,994 shares representing 24.7% of the enlarged share capital.  His participation in the Placing constitutes a related party transaction in accordance with AIM Rule 13.  The Independent Directors, having consulted with the Company's nominated adviser WH Ireland, consider the terms of the transaction with D. W. Pension Fund Ltd. to be fair and reasonable insofar as its shareholders are concerned.

In accordance with the Disclosure and Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that immediately following Admission its issued share capital will consist of 146,091,930 Ordinary Shares of 1p each. The Company does not hold any shares in treasury. Shareholders may use these figures as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Contacts:
Aurum Mining plc	www.aurummining.net
Chris Eadie, Chief Executive Officer	[phone]
WH Ireland Limited	Nominated Adviser & Broker
Mike Coe, Ed Allsopp	[phone]

Notes to Editors:

Aurum Mining is an AIM listed exploration and development company focused on its highly prospective portfolio of gold and tungsten assets in North West Spain.

Gold

Through its joint venture agreement with Ormonde Mining plc (AIM: ORM), Aurum currently has a 60% interest in the Pino de Oro project in Zamora Province and a 54% interest in the Peralonso and Cabeza projects in Salamanca Province.

Tungsten

Aurum's 20% owned Morille Tungsten project is located approximately 15km south west of Salamanca in North West Spain and covers an area of 5,796 hectares. The permit area is a 'brownfield' site with historical data indicating production from the site of high quality tungsten concentrates.

 

END

 

 

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