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Griffin Mining News
Griffin Mining Limited ("Griffin" or the “Company”) is pleased to announce that it has received strong institutional support to complete an equity financing to fund the completion of the underground mine facilities and the above ground processing and other facilities at the Company’s Caijiaying zinc-gold project in China. The financing will enable mine construction at Caijiaying to be completed with a view to the commissioning of the Caijiaying zinc-gold mine in early 2005. The Company has placed 35,000,000 new ordinary shares (“New Ordinary Shares”) at 25 pence per share with institutional investors to raise £8.75 million (US$16.2 million) before placing fees and expenses (the “Placing”). The New Ordinary Shares have been placed through Ocean Equities Limited and represent 20.6 per cent of the Company’s issued ordinary share capital as enlarged by the Placing. Application for the admission of the new ordinary shares to trading on AIM has been made with dealings expected to commence on 24th February 2004. Following the issue of the New Ordinary shares there will be 170,227,731 ordinary shares in the capital of Griffin in issue. Commenting on the placing, Griffin’s Chairman Mladen Ninkov said: “I am sure that everyone associated with the Company, whether director, employee, advisor, contractor or shareholder, will be delighted by today’s announcement. It is a vindication of the Company’s faith and long tenure in China and at Caijiaying. The Company now looks forward to completing construction and commissioning production at Caijiaying and, simultaneously, moving forward with the other exciting prospects at Caijiaying”
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Griffin Mining Limited 6th Floor 60 St James's Street London SW1A 1LE |
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Tel: +44 (0)20 7629 7772 Fax: +44 (0)20 7629 7773 |
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