Angus Announces Completion of $1.3 Million Non-Brokered Private Placement
04 August 2011 - 11:43PM
Marketwired
Angus Mining (Namibia) Inc. (TSX VENTURE: ANA) ("Angus" or the
"Company") is pleased to announce the completion of its previously
announced non-brokered private placement (the "Placement") of
5,275,000 common shares of Angus at a price of $0.25 per share, as
a result of which the Company raised $1,318,750 in gross proceeds.
Proceeds from the Placement will be used to continue assaying
drill core at the Ondundu Gold Project in West-Central Namibia and
for general working capital.
Common shares issued in the Placement will be subject to a 4
month holding period.
Forsys Metals Corp. ("Forsys") acquired 1,600,000 of the
5,275,000 common shares sold in the Placement. Pursuant to the
early warning requirements of National Instrument 62-103, Forsys is
required to report certain information with respect to its holdings
of securities of Angus. After the completion of the Placement,
Forsys now holds an aggregate of 4,600,000 Angus common shares and
3,000,000 Angus warrants representing 12.46% of the outstanding
capital of Angus on an undiluted basis (or 19.04% on a partially
diluted basis).
The Angus common shares were acquired by Forsys in the Placement
for investment purposes. Forsys will evaluate its investment in
Angus from time to time and may, based on such evaluation of market
conditions and other circumstances, increase or decrease
shareholdings in Angus as circumstances require.
About Angus Mining (Namibia) Inc.
Angus Mining (Namibia) Inc. is a Canadian based precious metals
exploration company whose main asset is option to acquire up to a
75% interest in the Ondundu Gold Project in West-Central Namibia
via a joint venture agreement with Forsys Metals Corp. The Company
has also announced on June 16, 2011, that it had entered into a
definitive agreement to acquire a 68% in the undiluted capital of
Silver Reef Resources Ltd., a private company with an option to
earn a 100% interest in 8 properties in Nevada, U.S.A. The
Company's goal is to deliver superior shareholder returns by
identifying, acquiring and developing high quality assets in a safe
and socially responsible manner. Angus Mining is committed to
providing economic and social benefit to the Namibian community
through the responsible development of mining assets in the
Country.
Forward-Looking Statements
This release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian and U.S. securities laws. Forward-looking statements can
generally be identified by the use of forward-looking terminology
such as "may", "will", "expect", "intend", "estimate",
"anticipate", "believe", "continue", "plans" or similar
terminology. Forward-looking statements are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions that, while believed by management to be reasonable,
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Certain of the
statements made herein by the Company are forward-looking and
subject to various risks and uncertainties, both known and unknown,
many of which are beyond the ability of the Company to control or
predict. Known and unknown factors could cause actual results to
differ materially from those projected in the forward-looking
statements. Forward-looking information is subject to known and
unknown risks and uncertainties that may cause the Company's actual
results, performance or achievements may be materially different
from those expressed or implied by such forward-looking
information, and are developed based on assumptions about such
risks, uncertainties and other factors set out here in, including
but not limited to the inherent risks involved in the exploration
and development of mineral properties, the uncertainties involved
in interpreting drill results and other exploration data, the
potential for delays in exploration or development activities, the
geology, grade and continuity of mineral deposits, the possibility
that future exploration, development or mining results will not be
consistent with the Company's expectations, accidents, equipment
breakdowns, title matters, labour disputes or other unanticipated
difficulties with or interruptions in operations, fluctuating metal
prices, unanticipated costs and expenses, uncertainties relating to
the availability and costs of financing needed in the future,
regulatory restrictions, including environmental regulatory
restrictions and liability, competition, loss of key employees,
risks inherent to conducting business activities in the developing
world and other related risks and uncertainties. The Company
undertakes no obligation to update forward-looking information
except as required by applicable law. Such forward-looking
information represents management's best judgment based on
information currently available. No forward-looking statement can
be guaranteed and actual future results may vary materially.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements or information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Angus Mining (Namibia) Inc. Fraser Buchan President
and CEO (416) 640-1933 fbuchan@83yonge.com
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