ABM Resources NL (ASX:ABU) Share Placement Success to Raise A$15.125 Million
Perth, Jan 30, 2012 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce that it has arranged for the placement of 275,000,000 shares at A$0.055 per share to raise A$15.125 Million to institutional and sophisticated investors in Australia and internationally.
Darren Holden, Managing Director of ABM Resources said, "The Board of Directors of ABM is very pleased with the response to this placement, which received particularly strong support. ABM Resources welcomes a number of new institutional shareholders to its register.
The completion of this capital raising will see the Company in a very strong financial position, and planning is currently underway to deploy the capital to advance our green-fields as well as our more advanced projects, including detailed work on the economics of the high grade Old Pirate Gold discovery."
Canaccord BGF Limited and GMP Securities Europe LLP acted as Lead Managers to the placement.
Settlement will occur in a single tranche under Listing Rule 7.1. The capital raised will be applied to mining, processing and economic studies at the Old Pirate High Grade gold discovery, to continue to expand the Buccaneer gold system including the new extensions, to advance ABM's regional discoveries including Hyperion and Kroda, and to develop and test new regional exploration targets, as well as 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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