AGU Angus&Ross

    RNS Number : 6721X
  Angus & Ross PLC
  27 June 2008
   

    27th June 2008
    ANGUS & ROSS PLC
    ("A&R"or the "Company")


    Angus & Ross Raises Total of �3.5 million


    A&R (AIM: AGU.L), a zinc/lead mining company whose primary focus is the re-opening of the Black Angel Mine in Western Greenland, is
pleased to announce a successful placing of 70,639,000 ordinary shares (the "Placing Shares") at a price of 5p, raising �3,531,950 before
expenses. 

    Funds raised will be used for advancing the company's Black Angel project in Greenland - including completion of the installation of the
cable car and the commencement of the installation of equipment to allow the Black Angel Mine to become operational.

    Funds will also be used to repay the short term loan of $1,650,000 due in August 2008 from Cyrus Capital Partners Europe LLP ("Cyrus"). 
This was used to provide the mine closure bond that had to be lodged with the Bureau of Mines and Petroleum before the Mining Licence was
issued on 21st May 2008 and for working capital purposes.

    Shareholders should be aware that the start up of production will depend on factors including weather, availability of further project
finance, work schedules of sub-contractors and delivery dates of machinery. The actual date of the start-up of mining is likely to be behind
the original timetable, but the current financing will allow the installation of the cable car to be completed - a major step forward for
the project.  

    Access to the mine will, in due course, allow further exploration within the mine and in particular the Deep Ice zone where significant
resources remain to be defined.

    Further to previous announcements the Company is in advanced discussions with various providers of the balance of the required project
finance. Shareholders will be advised when firm offers are received.

    Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that
Admission will become effective and that trading will commence on 2nd July 2008.

    Pursuant to the Placing, investors holding 3% shareholdings in the Company or more are:

    R.A.B. Capital Ltd - 29.86%
    Rathbone Fund Managers Ltd - 3.08%



    Robin Andrews (Chairman) comments:
    It is gratifying that so many shareholders have supported this placing despite the current difficulties in capital markets.  In
particular we welcome RAB Capital's significant and increased stake in Angus & Ross which should give confidence to all fellow shareholders.
 With zinc and lead prices currently depressed all major zinc miners throughout the world are struggling and their share prices reflect
this. The Black Angel mine was historically one of the richest in the world. This fact will be a major advantage for your company during a
period of low metal prices.



 Enquiries:




 Angus & Ross plc                                                             
 Robin Andrews, Chairman                                         01751 430 988
 Nicholas Hall, Chief Executive                                  07931 709 053


                                                                              
 Fox-Davies Capital                                              0207 936 5200
 Daniel Fox-Davies
 Richard Hail


  
 Bishopsgate Communications Limited
 Nick Rome                                                                    
                                                                 0207 562 3366

  
 Landsbanki Securities (UK) Limited
 Fred Walsh
 Sebastian Jones                                                              
                                                                 0207 426 9000


    Angus & Ross Summary

    A&R is an exploration and mining company registered in the United Kingdom and listed on the AIM market of the London Stock Exchange. Its
main properties are in Greenland, and it has further exploration interests in Brazil and Australia.

    The Company's main focus is the Black Angel zinc/lead property in Western Greenland. Part of the project finance, a line of credit of
$30 million from Cyrus, was approved by shareholders in July 2007; the Bankable Feasibility Study was received in February 2008 and the
mining licence was granted in May 2008.   Black Angel was one of the richest zinc mines in the world in its time and closed down in 1990
after 17 years of continuous operation. 



This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
IOEILFITRIIRFIT

Angus & Ross (LSE:AGU)
Historical Stock Chart
From Jul 2024 to Aug 2024

Angus & Ross (LSE:AGU)
Historical Stock Chart
From Aug 2023 to Aug 2024