ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for smarter Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.

North River Resources secure support for Namib project

Share On Facebook
share on Linkedin
Print

Result of GM

North River Resources, the AIM quoted resource company focused on the Namib Lead-Zinc Project in Namibia, held its General Meeting and has announced that the resolution seeking shareholder approval for disapplication of statutory pre-emption rights in respect of the Company’s Phase One Fundraising proposals was duly passed.

On 11 August 2015, the Company announced details of its plans to raise US$4.0 million, comprising an initial US$1.2 million in convertible loan notes (the “Tranche One Notes”) to be placed with Greenstone Resources L.P., the Company’s largest shareholder, and a placing and open offer to raise US$2.8 million to progress Namib to a construction decision. The full further amount of US$2.8 million is conditionally underwritten by Greenstone. Therefore the GM was convened to seek shareholder approval for disapplication of statutory pre-emption rights in respect of the Phase One Fundraising proposals, consisting of the Greenstone Placing and the proposed Placing and Open Offer, and an additional working capital headroom of US$2.0 million. This US$4 million represents Phase One of the Company’s two tiered plan to raise the total funding requirement of an estimated US$30 million to finance the Company and Namib through to expected project commissioning.

Following approval of the resolution at today’s general meeting of the Company, the Tranche One Notes will be issued to Greenstone by no later than 18 September 2015 for a total amount of US$1.2 million (before expenses).

This positive outcome enables the Company to continue to work towards delivering an economically and operationally robust project for final investment decision. Work programmes funded by the Phase One Fundraising will include initial Front End Engineering & Design (“FEED”); early development of the Namib Project North decline; sourcing of plant and equipment; on-going underground development programme required to establish access for the next phase of resource expansion drilling; and recruitment of technical and operational staff at the Namib Project.

The Board is grateful for the support received from shareholders with the passing of the resolution and is pleased that the Company will be able to offer all eligible shareholders the opportunity to participate in the issue of new equity in the Company through an Open Offer to raise approximately US$2.8 million. Further details on the proposed Open Offer will be provided to shareholders on the launch of the Open Offer, expected to be in September 2015.

North River CEO James Beams said, “I am delighted that this resolution has been passed and I would like to thank our shareholders for their support at this critical time in the Company’s development. We have a strong vision for the future, focused on bringing Namib into production as effectively and efficiently as possible and with these funds in place, we are positioned to pursue this over the coming months.”

Defined terms used in this announcement which have not been defined in the body of this announcement shall, unless the context otherwise requires, have the meaning given to them in Notice of Meeting dated 11 August 2015.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com