Anglo Australian Resources NL (ASX:AAR) Share Purchase Plan and Company Update
Perth, Aug 17, 2011 AEST (ABN Newswire) - Anglo Australian Resources NL (
ASX:AAR) is pleased to announce a Share Purchase Plan (SPP) to fund ongoing exploration and development programmes.
The Company will use the funds raised principally to drill the exciting Leonora project as early as possible and to progress development studies at the Koongie Copper-Zinc Project and the Company's Gold Projects.
- Share Purchase Price: 1.2 cents
- Record Date: Tuesday 16 August 2011
- Announcement Date: Tuesday 16 August 2011
- Opening Date of Offer: Monday 22 August 2011
- Closing Date of Offer: Monday 5 September 2011
- Allotment of SPP Shares: Friday 9 September 2011
- Quotation and despatch of Holding Statements for SPP Shares: Monday 12 September 2011
The volume weighted average price of AAR shares traded on the ASX over the last 5 trading days prior to the date of this announcement was 1.3 cents per share.
The non-underwritten SPP will provide each eligible shareholder on the Company's register at 16 August 2011 with a registered address in Australia or New Zealand with an opportunity to subscribe up to a maximum of A$15,000 worth of new shares (ranking equally with existing fully paid ordinary shares) without incurring any brokerage or usual transaction costs.
Participation in the SPP is entirely voluntary.
The SPP will raise a maximum of A$2,040,000 (170 million new shares) at 1.2 cents each. Accordingly, applications will be accepted on a first come, first accepted basis, or scaled back on a pro-rata basis as the Company Directors' decision.
The Company does reserve the rights to alter the above timetable at its discretion and any changes will be notified to the ASX.
COMPANY UPDATE
The Company's key Exploration and Development Projects include:
LEONORA PROJECT (100% owned)
A strong 800m long bedrock conductor, which was discovered by the Company's recent Moving Loop Electromagnetic (MLEM) survey, could be sourced by a goldsilver- copper-zinc massive sulphide deposit, similar in style to Jabiru Metals Limited's Jaguar Deposit (Reserves: 3.23 Mt @ 1.8% Cu, 7.91%Zn, 99 g/t Ag, 0.4 g/t Au) and Bentley Deposit (Resources 3.0 Mt @ 2.0% Cu, 9.8% Zn, 138 g/t Ag, 0.7 g/t Au). These deposits are located 25km north of the Leonora Project in a similar geological environment. The conductor represents an exciting and compelling target for immediate drilling.
GOLD DEPOSITS (100% owned)
Extensive drilling by the Company in recent years has defined two, shallow gold deposits at the Mandilla and Feysville Projects near Kalgoorlie, Western Australia that are potentially mineable.
KOONGIE PROJECT (100% owned)
Significant zinc-copper resources, already defined in two deposits by extensive drilling, have strong development potential. The Company is focused on realising that potential. In particular, development studies are being updated to incorporate latest resources, various mining methods, and current commodity prices and, in particular, include an evaluation of innovative treatment options for the Onedin Deposit.
VICTORIA RIVER DOWNS PROJECT (100% owned)
At Victoria River Downs the Company has developed drilling targets to test the potential for sediment-hosted deposits similar to the large MacArthur River and Century lead-zinc deposits. The Company has successfully applied for co-funding of a drilling program under the Geophysics and Drilling Collaboration program of the Northern Territory Government.
For the complete Anglo Australian Resources announcement including projects Presentation, please view:
http://media.abnnewswire.net/media/en/docs/69025-ASX-AAR-553463.pdf
About Astral Resources NL
Astral Resources NL (ASX:AAR) is a Perth based gold exploration & base metals company listed on the Australian Securities Exchange.
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