Information  X 
Enter a valid email address

Titanium Resources (SRX)

  Print      Mail a friend

Thursday 25 August, 2005

Titanium Resources

Admission to AIM

Titanium Resources Group Ltd
25 August 2005



Titanium Resources Group ('TRG' or 'the Group') raises $74m (£41m) via a Placing
 of 87,151,553 common shares at a price of 47p per common share ('the Placing')
                             and is admitted to AIM


25 August, 2005


(AIM: TXR.L) TRG announces that dealings in its common shares have commenced
following completion of the Placing and admission of its issued share capital to
trading on the AIM market of the London Stock Exchange ('AIM').  The Group has
raised US$74 million (£41 million) before expenses and at the Placing price the
company has a market capitalisation of US$158 million (£88 million).


Walter Kansteiner, Chairman of TRG, said:


'Our listing on AIM marks a new era for TRG and will provide access to a wider
pool of capital to the benefit of the Group.  We have a strong team and are on
schedule to re-start production of high grade natural rutile and bauxite in the
first quarter of 2006.'


'The strong demand for the Placing amongst institutions is recognition for our
high quality assets and heralds a renewed confidence in the ability of TRG to
again take its place as an important provider of high quality raw material to
world markets.'

                               Expected Timetable

    Admission and dealings in the Common Shares  commenced on AIM 8.00 a.m.     25 August 2005
CREST accounts credited in respect of Depositary Interests                      25 August 2005

Where applicable, dispatch of definitive share certificates in respect of the   2 September 2005
Placing Shares to Placees by no later than


                               Placing Statistics


Placing Price                                                                   47p per share
Number of Placing Shares                                                        87,151,553
Number of Common Shares in issue following the Placing                          187,201,553
Percentage of the enlarged issued share capital subject to the Placing          46.6 per cent
Estimated net proceeds of the Placing                                           £37 million
Market capitalisation following Admission at the Placing Price                  £88 million
Number of Options outstanding on Admission                                      9,905,962
ISIN number for the Common Shares                                               VGG889921059


                                      Ends

For further information


TRG
Walter Kansteiner, Chairman
Tel: +44 (0) 207 321 0000


Aura Financial
Michael Oke
Andy Mills
Tel: +44 (0) 207 321 0000



This press release has been issued by TRG and is the sole responsibility of the
company. This press release does not contain or constitute an offer or
invitation to purchase or subscribe for any securities of TRG and should not be
relied on in connection with any decision to purchase or subscribe for any such
securities.



The securities referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933 and may not be offered or sold in the United
States absent registration under the Securities Act or an available exemption
from it.





Notes to Editors



Titanium Resources Group



Titanium Resources is the holding company of a group of companies that are
engaged in the mining, marketing and exploration of mineral resources. The Group
owns two mining operations in the Republic of Sierra Leone - the Sierra Rutile
Project and the SML Bauxite Project. Both mines operated for over 15 years until
operations were suspended in 1995. The projects accounted for 75 per cent of the
exports of Sierra Leone.



The Sierra Rutile Project will employ conventional dredging and processing
methods to produce mineral sands in the southwest of Sierra Leone, where its
production previously represented approximately 30 per cent of the world's
annual supply of natural rutile. Natural rutile is a high titanium-bearing
feedstock employed in the manufacture of titanium dioxide (TiO2) pigments that
are used in paint, plastics, paper and pharmaceuticals and the production of
titanium metal and welding rods. Ilmenite, a lower titanium-bearing feedstock,
is also produced for similar markets and in the production of synthetic rutile.
In addition, there is potential for additional revenue, given acceptable market
conditions, from production of zircon, which is utilised in the production of
refractories, ceramics and zirconium chemicals.



In close proximity to the Sierra Rutile mine is the SML Bauxite Project which
successfully mined bauxite in the Mokanji area for over 30 years prior to the
suspension of operations in 1995. Bauxite from the SML bauxite mine is premium
grade metallurgical bauxite which is the primary feedstock used in the
production of aluminium.



Both projects will employ proven mining and processing techniques and were
profitable operations in the past. Rutile and bauxite from this region are both
recognised for their high quality. The Group plans to restart operations at each
mine in the first quarter of 2006.






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