Serabi Gold Plc

Published : June 16th, 2010

- Share Subscription Agreement with Eldorado Gold Corporation

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Published: 08:00 CEST 16-06-2010 /HUGIN /Source: Serabi Mining plc /XLON: TICKER SRB /ISIN: GB00B074J639

Share Subscription Agreement with Eldorado Gold Corporation


SERABI MINING plc

("Serabi" or "the Company")

 

SHARE SUBSCRIPTION AGREEMENT WITH ELDORADO GOLD CORPORATION RAISING GROSS PROCEEDS OF �3,600,000 aT 3.0 PENCE PER Ordinary SHARE

 

The Board of Serabi is pleased to announce that it has entered into a conditional share subscription agreement (the "Subscription Agreement") with Eldorado Gold Corporation ("Eldorado" TSX:ELD, NYSE:EGO, ASX:EAU) a Canadian-based gold producer with existing interests and operations in Turkey, China, Brazil and Greece.

 

Under the terms of the Subscription Agreement, Serabi has agreed to issue to Eldorado 120,000,000 new Ordinary Shares of 0.5 pence each in the Company (the "Subscription Shares") at a price per Ordinary Share of 3.0 pence. Following the subscription, Eldorado will hold 26.8 per cent. of the entire issued share capital of the Company and the Company will have a total of 447,740,595 Ordinary Shares in issue. Eldorado has agreed not to dispose of these Ordinary Shares for a 12 months period following their admission to trading.

 

The Company has also agreed that provided Eldorado continues to own 15 per cent. or more of the issued share capital of the Company, Eldorado will have the right to nominate a Director to the Board of the Company.

 

Completion of the Subscription Agreement is due to take place on 17 June 2010 and is conditional upon the Subscription Shares being admitted to AIM.

 

The Company has granted Eldorado warrants exercisable at any time for a period of 2 years over a further 15 million new Ordinary Shares exercisable at 4.0 pence per new Ordinary Share.

 

The Company has also granted an option entitling Eldorado to subscribe for such number of new Ordinary Shares as would enable Eldorado to maintain its percentage interest in the share capital of the Company in the event that the Company issues new Ordinary Shares for cash (or cash equivalent), provided that Eldorado continues to own 15 per cent. or more of the issued share capital of the Company.

 

Mike Hodgson, the Chief Executive of Serabi, commenting on the announcement said: "The subscription by a strategic investor of the stature of Eldorado is an endorsement of what we are seeking to achieve and the strategy to focus on exploration that we are pursuing. This subscription taken together with Eldorado's proposed acquisition of Brazauro Resources Corp and its Tocantinzinho project located to the north west of Palito, indicates that Eldorado is willing to make a strong commitment to the Tapajos and the region's potential.  Eldorado has paid a premium over the current market price which we believe illustrates their confidence in the potential of Palito and Serabi."

 

The proceeds from the Subscription Agreement will enable the Company to extend its current exploration programmes at Palito and support further IP surveys over the remaining VTEM targets.   The results from the initial survey have served to strengthen our belief that we will discover additional satellite ore bodies around Palito.  Dependent on the results of these further IP surveys and the first drilling results on the recently identified 9 drill targets, Serabi is now in a position to embark on a second stage drill programme later in the year. 

 

 

 

Enquiries:

 

Serabi Mining plc

 

Mike Hodgson

Tel: 020 7246 6830

Chief Executive

Mobile: 07799 473621

 

 

Email: contact@serabimining.com

 

Website:  www.serabimining.com

 

 

 

Beaumont Cornish Limited

Nominated Adviser and Broker

 

Roland Cornish

Tel: 020 7628 3396

Michael Cornish

Tel: 020 7628 3396

 

 

Farm Street Communications

Public Relations

 

Simon Robinson

simon.robinson@farmstreetmedia.com

Tel: 020 7009 2212

Mobile: 07593 340107

 

 

About Eldorado Gold Corporation

 

Eldorado Gold Corporation ("Eldorado") which has its shares listed in Canada (TSX), United States (NYSE) and Australia (ASX) has its head office in Vancouver, Canada, and is an international mid tier gold producer active in development and exploration with a market capitalization in excess of $9billion and proven and probable gold reserves of over 12 million ounces..  Eldorado operates the Kisladag gold mine in Turkey; the Jinfeng, Tanjianshan and White Mountain gold mines in China and is constructing the Efem�ukuru mine in Turkey and the Eastern Dragon mine in China. Eldorado is developing the Perama Hill project in Greece and is exploring in Brazil, China, Turkey and Nevada in the United States.  Eldorado's goal is to produce over 1 million ounces of gold annually by 2013 and, as one of the lowest cost gold producers with a strong balance sheet and no hedge positions, is well positioned to grow in value as it creates and pursues new opportunities in gold and other resources.

 

 

Further information on Eldorado is available at www.eldoradogold.com

 

Further information on Serabi is available at www.serabimining.com

 

 

Forward-looking statements

This press release includes certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the future plans and objectives of Serabi, are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward-looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including delays in obtaining or failure to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements speak only as of the date hereof and, except as may be required by applicable law, Serabi disclaim any obligation to update or modify such forward-looking statements, either as a result of new information, future events or for any other reason.

 






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Serabi Gold Plc

PRODUCER
CODE : SRB.L
ISIN : GB00B4T0YL77
CUSIP : 00B074J639
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Serabi Gold is a producing gold company based in United kingdom.

Serabi Gold holds various exploration projects in Brazil.

Its main asset in production is PALITO in Brazil and its main exploration properties are TAPAJOS - MODELO, JARDIM DO OURO, TAPAJOS - PIZON and PIAUI STRKE LENGTH in Brazil.

Serabi Gold is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 34.3 billions as of today (US$ 38.9 billions, € 36.0 billions).

Its stock quote reached its lowest recent point on October 31, 2008 at GBX 0.25, and its highest recent level on September 20, 2019 at GBX 92.80.

Serabi Gold has 700 843 570 shares outstanding.

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Corporate Presentations of Serabi Gold Plc
7/1/2009- Investor Presentations
4/24/2008Corporate presentation 2008
4/5/2006Corporate presentation
Annual reports of Serabi Gold Plc
Notice of AGM and publication of Annual Report and Accounts
Financings of Serabi Gold Plc
3/30/2011 Completion of TSX Listing,C$4.95 million funding and Board ...
3/28/2011- Filing of Final Prospectus, C$4.95 million financing and B...
2/11/2011Filing of Preliminary Prospectus in Canada
Option Grants of Serabi Gold Plc
5/31/2011Awards 1.130.000 Options to its directors at C$0.60
1/28/2011Award of 1,455,000 stock options to directors
12/3/2007Award of 400,000 stock options
Nominations of Serabi Gold Plc
7/29/2013Serabi Gold plc : Appointment of new Director
1/17/2013Serabi Gold plc : Issue of 270,000,000 Ordinary Shares at 6 ...
7/4/2011(UK) - Appointment of Broker
Financials of Serabi Gold Plc
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5/13/2016Unaudited Interim Financial Results for the three month peri...
11/14/2013Serabi Gold plc : Financial Results for the third quarter 20...
8/14/2013Serabi Gold plc : Interim Results for the 6 months to 30 Jun...
5/15/2012Serabi Gold plc : Financial Results for the First Quarter 20...
8/16/2011(UK) - INTERIM RESULTS FOR THE 6 MONTHS TO 30 JUNE 2011
5/17/2011- Release of Q1 Financial Results and Managment Discussion a...
1/21/2011 Unaudited financial results for the 9 months ended 30 Septe...
Project news of Serabi Gold Plc
4/20/2016First quarter update on gold operations at Palito and Sao Ch...
2/5/2014Serabi Gold plc - Exploration Results Continue to Reveal Pro...
1/24/2012Serabi Gold plc : Drilling Update - Upgraded Intercepts Enha...
9/12/2011(Piaui Strke Length)(UK) - Exploration Update - Piaui Strike Length could now ex...
8/11/2011(Jardim Do Ouro)(UK) - Exploration Update - New IP geophysical survey underw...
7/15/2011(Palito)(UK) - Drilling result confirms potential structural and min...
7/11/2011(UK) - Drilling update - Positive drill intersections contin...
6/14/2011(Jardim Do Ouro) - Drilling Update - High Grade Gold Intersected at Currutel...
4/7/2011- FIRST DRILL TEST OF GEOPHYSICAL TARGETS AT PIAUI INTERSECT...
2/18/2011(Palito)- IBAMA cancels US$2.2 million fine
2/22/2011(Palito)- Correction - Geochemical results from Piaui drill target a...
2/22/2011(Palito)- GEOCHEMICAL RESULTS FROM THE PIAUI DRILL TARGET AT PALITO
4/9/2010(Palito)Statement re Update on Palito Gold Project
1/28/2010(Palito)Progress Update
7/9/2008(Palito)Ore Reserve and Mineral Resource Update
10/4/2006(Palito)Commercial production at Palito
Corporate news of Serabi Gold Plc
5/17/2016Award of Share Options
3/30/2016Audited Results for the year ended 31 December 2015
1/6/2016Initial partial draw down of US$5 million convertible loan f...
12/31/2015US$5 million convertible loan facility
12/31/2015Serabi Gold Plc ("Serabi" or the "Company") US$5 million con...
10/29/2015Third quarter 2015 Operational Update
10/29/2015Serabi Gold plc ("Serabi" or the "Company") Third quarter up...
8/14/2015Financial Results for Second Quarter 2015 and Management’s D...
8/14/2015Serabi Gold plc ("Serabi" or the "Company") Unaudited Interi...
8/11/2015Serabi Gold Plc ("Serabi" or the "Company") Voting results f...
7/30/2015Cancellation of Share Premium Account and Deferred Shares
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7/28/2015Serabi Gold plc ("Serabi" or the "Company") Second quarter u...
3/31/2015Audited Results for the year ended 31 December 2014
3/31/2015Serabi Gold plc ("Serabi" or the "Company") Audited Results ...
1/28/2015Assay result of 42 g/t over 3.6 metres from Main Vein develo...
1/28/2015Serabi Gold plc ("Serabi" or the "Company") Assay result of ...
1/23/2015Award of Share Options
1/23/2015Serabi Gold plc ("Serabi" or the "Company") Award of Share O...
1/20/2015Serabi Gold plc ("Serabi" or the "Company") Operational upda...
11/25/2014Approval of Final Exploration Report for Sao Chico
2/12/2014Serabi Gold Plc - First Month of Gold Production at Palito G...
12/23/2013Serabi Gold plc : Directorate change
12/9/2013Serabi on schedule to commence commissioning of Palito plant...
10/8/2013Serabi Gold plc : Drilling at Sao Chico returns further exce...
9/5/2013Serabi Gold plc - Palito Operational Update
9/3/2013Serabi Gold plc : New High Grade Zones Discovered at Sao Chi...
7/8/2013Kenai Shareholders Approve Plan of Arrangement with Serabi G...
6/19/2013Serabi Gold plc : AGM Statement
3/28/2013Serabi Gold plc : Audited Results for the year ended 31 Dece...
1/28/2013Serabi Gold plc : Award of Share Options
1/22/2013Serabi Gold plc : Total voting rights
1/17/2013Serabi Gold plc - Operational Update
1/16/2013Serabi Gold plc : Result of General Meeting
6/18/2012Serabi Gold plc : Result of AGM
6/18/2012Serabi Gold plc : AGM Statement
6/13/2012Positive Preliminary Economic Assessment for Serabi's Palito...
5/21/2012Serabi Gold plc : Award of Share Options
3/29/2012Serabi Gold plc : Audited results for the year ended 31 Dece...
1/24/2012=?UTF-8?Q?Serabi_Gold_plc_:_Issue_of_Equity_-_Placing_of_27,...
1/24/2012Serabi Gold plc : Drilling Update - High Grade Intersections...
1/24/2012Serabi Gold plc : Issue of Equity - Proposed Placing
12/19/2011Serabi Gold plc : Directorate change
6/27/2011(UK) - Result of AGM
5/23/2011- 2011 AIRBORNE GEOPHYSICAL SURVEY RESULTS
5/16/2011- Notice of Annual General Meeting and Special Meeting
6/16/2010- Share Issue
6/16/2010- Share Subscription Agreement with Eldorado Gold Corporatio...
12/31/2009Total Voting Rights
12/21/2009Variation in Directors Terms of Employment
12/10/2009- Holding in Company
12/3/2009- Additional Placing
12/3/2009- Result of the Open Offer
12/1/2009- Total voting rights
11/20/2009- Holding(s) in Company
11/17/2009- Announcement of Open Offer
11/10/2009- Update on Placing and Issue of further Ordinary Shares
11/10/2009- Placing of Shares, Convertible Facility and Open Offer
10/15/2009- Holding(s) in Company
9/23/2009- Statement re Share Price Movement
9/15/2009- Holding(s) in Company
8/18/2009- Results of Annual General Meeting
8/18/2009- AGM Statement
7/30/2009- 2nd Quarter Investor Update
6/26/2009- Holding(s) in Company
3/9/2009- Holding in Company
2/27/2009- Change of Nomad and Broker
2/24/2009- Holding in Company
2/23/2009- Update on Corporate Events
1/28/2009- Result of General Meeting of Shareholders
1/2/2009- Circular re Proposed Capital Reorganisation
12/8/2008- Update on Strategic Review
11/4/2008- Rule 2.10 Announcement : CORRECTION
11/4/2008- Section 2.10 Announcement
11/3/2008- Announcement re: preliminary approaches
9/22/2008- Holding(s) in Company
7/30/2008- 2nd Quarter Investor Update
4/23/2008 1st Quarter Results - correction
1/14/2008Discovery of new mineralisation close to the Palito gold min...
11/23/2007Director/PDMR Shareholding
10/25/20073rd Quarter Results
9/14/2007Notification of Shareholding
9/11/2007 Exploration Release
7/26/20072nd Quarter Results
6/5/2007Exploration results indicate new mining potential at Palito
6/1/2007AGM Statement
5/17/2007Holding(s) in Company
4/11/2007Mining Final Results
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