The proceeds of the Placing are to be used to : Undertake further drilling at the Tonkolili iron ore project to delineate further magnetite iron ore mineralization, proving a JORC compliant resource target of 10 billion tonnes ;
Undertake further drilling with the objective of delineating one billion tonnes of JORC compliant hematite iron ore in the cap overlying the magnetite deposits ;
Fast track the Definitive Feasibility Study for the Tonkolili iron ore body and the port, rail and power infrastructure projects ; and Application will be made for, and the Placing is conditional upon, admission of the New Shares to trading on AIM ("Admission"). It is expected that Admission will become effective on or about 15 July 2009.
Subsequent to the Placing the Company will have 213,231,321 common shares in issue.
Commenting on the successful fund raising, Frank Timis, Executive Chairman of African Minerals, said : "We are delighted with the support that premier institutional investors in North America and the United Kingdom have given the Company. Their commitment fully endorses the quality of the Company’s world class iron ore assets and our experienced executive and operational teams.
The proceeds will allow us to develop the magnetite iron ore resource towards our target of 10 billion tonnes and fast track the Tonkolili Definitive Feasibility Study, to create substantial value for our shareholders. In addition we will undertake engineering work on the infrastructure required to support our iron ore projects.
This is a very large step towards us realising the full potential of our world class iron ore deposit at Tonkolili and the future infrastructure rehabilitation and construction work will in due course provide positive benefits to the local community and the economy of Sierra Leone.”
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