ENP Newswire -
Release date- 29052014 -
The Company issued 84,005,163 fully paid ordinary shares at the price of AUD$0.03451 cents per share (Placement Price). The Placement Price was calculated according to the 5-day volume weighted average price for the Company up to and including
Transamine will now hold an 18.6% stake in the Company, making it the largest shareholder in
It is intended that the proceeds from the equity raising will be used to strengthen the Company's working capital. The Company still intends to offer a pro-rata rights issue to shareholders before the end of the year to raise funds to commence the development of the
In 2010, the Company established a long term strategic alliance with Transamine through a copper concentrate sales contract. The contract covers 100% of the Boseto concentrate for a minimum 5 year period, with an option to renew for a further 12 months. There are currently three years remaining under the contract.
Transamine is one of the oldest, independent, privately held commodities trading companies in the world specialising in raw materials. It provides services in marketing, raw material sourcing, finance and investment worldwide, with a core business focus on non-ferrous metals. Founded in 1953, Transamine has proven its adaptability, reliability and flexibility in increasingly globalised markets and the changing needs of its client base.
Today headquartered in
FORWARD LOOKING STATEMENTS
This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that
Factors that could cause actual results to differ materially from those in forward looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements.
DISCOVERY METALS BACKGROUND
The Kalahari Copperbelt sediment-hosted mineralization of the
Further information on the Company including Mineral Resources and Ore Reserves is available on our website: www.discoverymetals.com
Tel: +61 7 3218 0222
Tel: +61 7 3218 0222
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