Issue of Equity

RNS Number : 5649O
SolGold PLC
12 October 2012
 

 

 

                                                                                                                         12 October 2012

 

SolGold Plc

("SolGold" or the "Company")

 

Announcement to London Stock Exchange

 

Issue of Equity

 

SolGold plc ("SolGold" or the "Company") has issued, and the exchange has today admitted for trading, a total of 21,972,143 ordinary shares of 1 penny each in the capital of the Company as a result of the successful capital raising announced to the market on 8 October 2012.

 

The Company now has a total of 424,242,966 fully-paid ordinary shares 1,070 Convertible Redeemable Preference Shares, 9,472,000 options exercisable at 50p, 1,250,000 options exercisable at 28p and 1,250,000 options exercisable at 14p on issue.

 

By order of the Board

Karl Schlobohm

Company Secretary

 

Contacts:

Mr Karl Schlobohm                                                                           Tel: +61 (0)7 3303 0660

Solomon Gold Plc (Company Secretary)

kschlobohm@solgold.com.au

 

Mr Ewan Leggat/Miss Katy Birkin                                                    Tel: +44 (0)207 598 5368

Fairfax I.S. PLC (Broker)

eleggat@fairfaxis.com/kbirkin@fairfaxis.com

 

Mr Stephen Weir                                                                               Tel: +61 (0)2 9250 0048

RFC Ambrian Limited (Nominated Advisor)

stephen.weir@rfcambrian.com 

 

Mr Dominic Barretto                                                                         Tel: +44 (0)7768 537 739

Yellow Jersey PR (PR & IR)

dominic@yellowjerseypr.com

 



 

 

NOTES TO EDITORS

 

SolGold's exploration projects are located in northern Ecuador, Australia, and the Solomon Islands. In Australia, they comprise the Rannes, Mt Perry, Cracow West and Normanby Projects, all in southeast Queensland. In the Solomon Islands they comprise the Fauro Project (located on Fauro Island), and the Guadalcanal Joint Venture with Newmont Mining Corporation, and in Ecuador a JV with Cornerstone Capital Resources on the Cascabel gold-copper project.

 

In July 2012, SolGold and Cornerstone Capital Resources Inc. announced that they had signed a Definitive Option Agreement whereby SolGold may acquire up to 85% of Cornerstone's 100% owned 5,000 hectare Cascabel gold-copper-silver property in northern Ecuador.

 

The Cascabel project is located approximately 120 km north of Ecuador's capital, Quito, 20 km south of the Colombian border, and 75 km inland from the coastal city of San Lorenzo. The gold-copper porphyry project is located within the Andean western cordillera, host to numerous Tier 1 world class copper-gold deposits through Chile, Peru, Ecuador and Colombia.

 

At the Rannes project SolGold has announced Indicated and Inferred resources of 18.7 million tonnes at 0.9 g/t gold equivalent (gold + silver) for 550,146 ounces of gold equivalent (296,657 ounces of gold and 10,137,736 ounces of silver; see announcement dated 23 May 2012 for details of the resource statement and gold equivalent ratios). The 2012 exploration program, including planned drilling to define new ore positions and grow the resource, is underway.

 

Exploration continues at Mt. Perry, Normanby and Cracow West.

 

In the Solomon Islands, the 2012 exploration program on the Fauro project has been delayed while a JV partner is sought to pursue drilling of gold-copper targets defined in the 2011 exploration program. The 2012 Guadalcanal Joint Venture with NVL Solomon Islands Limited (a subsidiary of NYSE-listed Newmont Mining Corporation) is now seeking expressions of interest for possible divestment.

 

SolGold's strategy is to be an integrated gold and copper discoverer, developer and miner.

 

SolGold's Board includes accomplished professionals with strong track records in the areas of exploration, mine development, investment, finance and law.  Board and Management have significantly vested interests in the Company, holding approximately 17.2% of its issued share capital.

 

SolGold is based in Brisbane, Queensland, Australia.  The Company listed on London's Alternative Investment Market in 2006, under the AIM Code 'SOLG' and currently has a total of 424,242,966 fully-paid ordinary shares, 1,070 Convertible Redeemable Preference Shares, 9,472,000 options exercisable at 50p, 1,250,000 options exercisable at 28p and 1,250,000 options exercisable at 14p on issue.

 

Further details concerning the Company's key projects and personnel can be found at www.solgold.com.au.

 

 


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