Vane Holdings PLC
02 June 2004
VANE Holdings plc
Placing and Admission to Trading on AIM
VANE Holdings plc ('VANE' or 'the Company'), a mineral exploration and
development company, began its first day of trading today on the AIM. The
Company has raised £3.705m via a placing at 11p per share and at the placing
price has a market capitalisation of approximately £16.07m. Seymour Pierce is
acting as both nominated adviser and broker.
Admission and Placing Statistics:
Placing price 11p
Number of existing Ordinary Shares 112,462,000
Number of Placing Shares 33,681,823
Placing Shares as a percentage of enlarged issued share capital 23.05%
Number of Ordinary Shares in issue on Admission 146,143,823
Estimated net proceeds of the Placing to be received by the Company £3,191,000
Market capitalisation following the Placing at the Placing Price £16,075,820
VANE is focused on defining and developing prospective mineral projects and
benefits from a highly qualified and experienced management team with a proven
track record in exploration and development. The Company is ideally placed to
capitalise on project acquisition opportunities, as it has negotiated access to
a 7,000+ file global exploration database, excluding Indonesia, from US mining
group Freeport-McMoRan, one of the world's largest producers of copper and gold.
To date approximately 75% of Freeport's files have been reviewed and several
exciting potential prospects have been identified and an option over mineral
rights at a property in Guadalcazar, Mexico, has been obtained.
Guadalcazar is an early stage exploration property consisting of a large newly
recognised hydrothermal gold system having the potential to define a large gold
deposit. Revenues from the Company's other project, Diablito, are expected to
help fund the development of Guadalcazar and other exploration projects, thereby
creating an exploration company with cash flow.
VANE owns 100% of the mineral rights to the Diablito Project. Diablito is an
advanced high-grade precious metal vein deposit located in the State of Nayarit,
west-central Mexico, containing economic values of gold and silver. VANE plans
to put the Diablito prospect into production within 6 months in order to finance
exploration costs elsewhere. The Directors believe that the simplicity of the
mining process, and the Company's ability to vary the production rate, makes
this an achievable objective.
VANE was co-founded by CEO Steven Van Nort, who was previously Senior
Vice-President of exploration-metals at Freeport McMoRan until 2000. The Board
also includes L. Clark Arnold as Director of Geology, who participated in the
development and implementation of a statistically based method of porphyry
copper prospecting which eventually led to two major discoveries: The Escondida
mine in Chile, believed to be the world's largest copper deposit, and the Santa
Cruz deposit in Arizona. Matthew Idiens, formerly a Fund Manager for Laing and
Cruickshank Investment Management, is an Executive Director and Robert Jeffcock,
who brings many years' of experience raising funds within the resources sector,
and David Ingmire are Non-Executive Directors. The Non-Executive Chairman is
Michael Spriggs, who has 27 years of mining sector experience having worked as
an exploration geologist for Anglo American, Falconbridge and Rio Tinto before
joining the SG Warburg mining team.
Steven Van Nort, CEO of VANE, comments 'We believe that VANE offers the upside
of an exploration company, with the comfort that we will be generating cash flow
from our first producing asset in the near term. The placing has enabled us to
raise money in order to bring Diablito into production, which will help us to
capitalise on some of the other exciting opportunities that are currently under
review.'
- Ends -
For further information, please contact:
VANE Holdings plc Seymour Pierce Parkgreen Communications
Matthew C. Idiens Jonathan Guy/Jeremy Porter Justine Howarth/Cathy Malins
+44 20 7223 3461 +44 20 7107 8000 +44 20 7493 3713
www.VANEminerals.com
This information is provided by RNS
The company news service from the London Stock Exchange
AI Summary Disclaimer BETA
The content you are viewing has been generated or assisted by artificial
intelligence (AI). While efforts are made to ensure accuracy and clarity, AI-generated text may
contain inaccuracies, outdated information, or subjective interpretations. This content is intended
for general informational purposes only and should not be considered professional advice or factual
confirmation.
We encourage you to independently verify any information provided,
especially if it will be relied upon for making decisions or taking action. Any reliance you place
on this material is strictly at your own risk. The AI system that produced this content cannot
assess the specifics of individual circumstances, and results may vary based on context and
individual needs.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.
Create an Account
Create your FREE account to receive personalised announcements, watchlists, market updates, investment insights and new features.
Personalise your experience
Tell us a little about yourself to receive personalised content, announcements and relevant investment opportunities.