ABM Resources NL (ASX:ABU) Completes Share Placement For Gross-Proceeds Of A$10.75M
Perth, Oct 13, 2010 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce that the previously announced share placement has been successfully completed. The placement, which was arranged by Patersons Corporate Finance and BGF Equities Ltd as Joint Lead Managers, raised gross-proceeds of A$10,749,942. ABM was advised by Ochre Management Ltd on the share placement.
Darren Holden, Managing Director of ABM, said, "We were very pleased with the response to the share-placement which was over-subscribed by more than three times. This placement, which attracted investment from institutional and sophisticated investors in Australia as well as institutional investors from New York, London, Hong Kong and Toronto, is a watershed for the Company. We are well financed for an exciting remainder of 2010 as well as funded through 2011 where we aim to continue the pursuit of our goal of being Australia's pre-eminent gold discovery company. We would like to thank all our current shareholders for their patience and support throughout the past year of transition for the Company and we welcome some new investors to what we believe is an exciting opportunity in one of the final frontiers for gold discovery in Australia."
ABM is directing proceeds from the share-placement to rapidly advancing the Twin Bonanza Project, including the Buccaneer Porphyry Gold Prospect and the Old Pirate High Grade Gold Prospect, as well as the Hyperion Gold Project with the intention to reach mineral resource estimation stage. In addition the Company is prioritising regional targets for further work in 2011 and for 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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