News

July 03, 2009

Aminex Announces Placing And Open Offer As It Continues To Seek Farm-In Partners Ahead Of Key Ruvuma Well

Facing a funding gap ahead of its first well in the Ruvuma Basin in Tanzania later this year, and no news yet of a farm-out deal to lessen its cost exposure, Aminex plc has announced a placing to raise US$11.45 million and an open offer to raise a further US$3 million. Chairman Brian Hall described the placing as “oversubscribed”, which should reassure investors wary about the company’s cash position and dismal share performance.

The placing will involve 116,330,998 new Ordinary Shares priced at 6 pence per share to raise £6.98 million. This represents about 47 per cent of the existing issued share capital. A non-underwritten one-for-eight open offer of up to 30,266,841 Ordinary Shares at 6 pence per share will raise a further £1.82 million. The issue price under the placing and open offer represents a 25 per cent discount on the stock price. An EGM will be held on July 23 to approve the placing and open...