Completion of financing
10 Febbraio 2006 - 8:01AM
UK Regulatory
RNS Number:2179Y
AfriOre Limited
10 February 2006
AIM:AFO
10 February 2006
AFRIORE LIMITED COMPLETES FINANCING
Road Town, Tortola, British Virgin Islands (February 10, 2006) - AfriOre Limited
("AfriOre") (TSX/AIM: AFO) announces that the bought deal private placement
(previously announced on January 24th, 2006) has closed. Westwind Partners Inc.
and Canaccord Capital Corporation (as Co-Lead Underwriters) and Blackmont
Capital Inc., and TD Securities Inc. (collectively, the "Underwriters")
exercised their option to purchase an additional 570,000 common shares,
resulting in AfriOre issuing 6,220,000 common shares at C$3.55 each, generating
gross proceeds of C$22,081,000.
As a result of the placement, 6,220,000 common shares will be admitted to
trading on AIM of the London Stock Exchange on 10 February 2006, following
which there will be a total of 50,161,821 common shares in issue.
In connection with the private placement, the Underwriters received an aggregate
of 373,200 compensation options, each compensation option entitling the holder
thereof to acquire one common share of AfriOre at an exercise price of C$3.64
per share at any time until February 9, 2007.
The net proceeds from the private placement will be used to fund advancement of
AfriOre's mineral projects, as well as for general corporate purposes.
For further information, please contact:
AfriOre Limited Charles Stanley & Co
Alan Friedman Dugald Carlean
T: +1 416 361 9636 T: +44(0) 20 7953 2485
E: friedman@taucapital.com Parkgreen Communications
www.afriore.com Justine Howarth
+44 (0) 20 7493 3713
About AfriOre
AfriOre is listed on the Toronto Stock Exchange and London's Alternative
Investment Market and is engaged in the acquisition, exploration and development
of gold and platinum exploration properties in Africa. It has gold explorations
properties in South Africa, Namibia and Kenya and the Akakani platinum group
metals properties in South Africa.
AfriOre is listed in Standard & Poor's Corporation Records and furnishes
information to the SEC pursuant to Rule 12g 3-2(b) under the Securities Exchange
Act of 1934.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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