ABM Resources NL (ASX:ABU) Share Placement Oversubscribed By More Than 300%
Perth, Oct 7, 2010 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce that Patersons Corporate Finance (Patersons) and BGF Equities (BGF) as joint lead managers have arranged the placement of A$10,749,942 at A$0.035 per share to institutional and sophisticated investor clients of Patersons and BGF in Australia and internationally. ABM was advised by Ochre Management on the share placement.
Darren Holden, Managing Director of ABM Resources said, "The Board of Directors of ABM is absolutely thrilled with the response to our placement. The issue represents our maximum 15% placement capacity and we received offers in excess of A$30 million. We look forward to bringing you a constant stream of drill results from our exciting gold discoveries."
The placement will occur in one tranche and will raise A$10,749,942 and is scheduled for completion within the next week. The capital raised will be used to advance the Old Pirate High Grade Gold Prospect, the Buccaneer Porphyry Bulk Tonnage Gold Prospect (both at the Twin Bonanza Project area) and the Hyperion Gold Project to first mineral resource estimation. In addition funds will be directed to drill testing other priority targets (e.g. Kroda) and commencing reconnaissance work on the remainder of the Company's extensive tenement package as well as general working capital purposes.
About ABM Resources NL
ABM Resources (ASX:ABU) is developing several gold discoveries in the Central Desert region of the Northern Territory of Australia. The Company has a multi-tiered approach to exploration and development with a combination of high-grade production scenarios such as the Old Pirate High-Grade Gold Project, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Hyperion Gold Project. In addition, ABM is committed to regional exploration programs throughout its extensive holdings including the alliance with Independence Group NL at the regional Lake Mackay Project.
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