Replacement - Placing of Shares
27 February 2009 - 12:48AM
UK Regulatory
TIDMMML
MEDUSA MINING LIMITED
(AIM: MML)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS
UNDERWRITTEN AUS$24.5 MILLION PLACEMENT
The following announcement replaces the Company's announcement titled
Placing of Shares released at 7.00am on 26 February 2009. The
announcement incorrectly stated the total number of ordinary shares
in issue following the placing. The revised announcement follows.
Medusa Mining Limited (ASX & AIM: MML) ("Medusa" or the "Company") is
pleased to announce the placing of 20,300,000 fully paid new ordinary
shares of no par value at a placing price of Aus$1.21 (approximately
GBP 0.54) per share to institutional and sophisticated clients of
Euroz Securities Limited ("Euroz") under section 708 of the
Australian Corporations Act.
The gross proceeds of the placing are Aus$24,563,000. The net
proceeds of the placing are Aus$23,334,850 and will be applied to:
* the Phase 2 expansion of the Company's Co-O underground
goldmine and associated milling facilities in the Philippines,
targeting production of 100,000 ounces per annum by early 2010;
* intensive drilling at the Co-O mine designed to increase
resources from the current 1.2 million ounces to approximately 1.5
million ounces, which in conjunction with underground development
is also targeting a reserve of approximately 500,000 ounces by
August 2009; and
* general working capital.
The placement is fully underwritten by Euroz.
Application will be made for the new ordinary shares to be admitted
to trading on AIM, which is expected to occur on 5 March 2009. The
new ordinary shares to be issued pursuant to the placing will rank
pari passu with the existing ordinary shares of no par value in the
Company.
Following the admission of the new ordinary shares to trading on AIM
the Company will have a total of 166,607,548 ordinary shares with
voting rights in issue.
Geoff Davis, Managing Director of Medusa, commented:
"The Company is very pleased to welcome new shareholders and
acknowledges the invaluable support provided by existing
shareholders, as this support has enabled the Company to reach this
pivotal point in its development.
"We are an unhedged, high margin gold producer with an exciting
future as we grow our production this year. I believe the market is
starting to recognise our potential".
Market update re interim results for the 6 months to 31 December 2008
Given the conduct of the above placement, Medusa believes it is
appropriate to provide an early indication of its half year results
to 31 December 2008.
Subject only to final review and sign off by the Company's external
auditors, Medusa expects to make a net profit after tax for that
period of Aus$12.0 million.
The Company intends to release its interim results for the six months
to 31 December 2008 on or before Friday, 6 March 2009.
For further information, please contact:
Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director
Fairfax I.S. PLC +44 (0)20 7598 5368
Nominated Adviser / Joint Broker
Ewan Leggat
Mirabaud Securities Limited +44 (0)20 7321 2508
Joint Broker
Peter Krens
Lothbury Financial +44 (0)20 7011 9411
Michael Padley / Louise Davis
DISCLAIMER
This announcement has been prepared for publication in Australia and
the United Kingdom and may not be released in the United States. This
announcement does not constitute an offer of securities for sale in
the United Kingdom or the United States. The shares described in this
announcement may not be offered or sold in the United States absent
registration under the US Securities Act of 1933 or an exemption from
registration, or in any other jurisdiction in which such an offer
would be illegal.
JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS
Medusa Mining Limited
Information in this announcement relating to exploration results, is
based on information compiled by Mr Geoff Davis, who is a member of
The Australian Institute of Geoscientists. Mr Davis is the Managing
Director of Medusa Mining Limited and has sufficient experience which
is relevant to the style of mineralisation and type of deposits under
consideration and to the activity which he is undertaking to qualify
as a Competent Person as defined in the 2004 Edition of the
"Australian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Davis consents to the inclusion in
the announcement of the matters based on his information in the form
and context in which it appears.
Cube Consulting Pty Ltd
Information in this announcement relating to Mineral Resources has
been estimated and complied by Mark Zammit of Cube Consulting Pty
Ltd. Mr Zammit is a member of The Australasian Institute of Mining &
Metallurgy and has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the "Australian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr Zammit consents to the inclusion in the announcement of
the matters based on his information in the form and context in which
it appears.
Cube Consulting is an independent Perth based resource industry
consulting firm specialising in geological modelling, resource
estimation and information technology.
=--END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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