Glencar proposes to place shares
Gold exploration company Glencar Mining has announced a proposed placing of 22,600,000 new ordinary shares of 0.031 each at a price of 0.105p STG per share to raise £2.37m (€3.48m) before
expenses.
The total number of Ordinary Shares in issue immediately following the placing will be 258,386,967.
The funds will be used to continue the exploration and drilling programmes on the Company's exciting gold targets in southern Mali and Ghana and for general corporate purposes.
In particular, the funding will enable continued, intensive drilling at the Komana West deposit, where the results of drilling to date have been very positive.
The Placing Shares have been placed with institutional shareholders, in London by Cenkos Securities plc and in Dublin by Davy.
Macquarie Bank Limited has subscribed for 9,500,000 of the Placing Shares and, as a consequence, will hold 3.68% of the enlarged equity in the Company.
Application will be made to the London Stock Exchange and to the Irish Stock Exchange for the Placing Shares to be admitted to trading on the AIM Market of the London Stock Exchange ('AIM') and on the Irish Enterprise Exchange of the Irish Stock Exchange ('IEX').
Dealing is expected to commence in these shares on May 1, 2007.
