Brumby Resources

Published : February 28th, 2008

Announces Underwritten $2.57m Entitlements Issue to Accelerate Exploration

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BRUMBY RESOURCES LIMITED (ASX: BMY)

 

         

ASX/MEDIA RELEASE                                                                                                                                                   28 FEBRUARY 2008

 

 

BRUMBY ANNOUNCES UNDERWRITTEN $2.57M ENTITLEMENTS ISSUE to ACCELERATE EXPLORATION

 

 

Brumby Resources Limited (ASX: BMY) is pleased to announce an underwritten 1-for-2 pro-rata non-renounceable entitlements issue to shareholders, to raise a total of $2.57 million (the Entitlements Issue). The funds will be used to underpin an aggressive exploration work program during 2008, focusing on the Company’s highly prospective Pilbara iron ore projects.

 

The Entitlements Issue will be offered to existing shareholders on the basis of one (1) new share for every two (2) shares held at the record date at an issue price of $0.14 per share (Share) to raise approximately $2.57m (before costs). For every Share issued there will be granted for no additional consideration one (1) quoted option, exercisable at $0.15 each, with an expiry date of 31 January 2010 (Options). Based on the Company’s current issued capital the Entitlements Issue will result in 18,348,958 Shares and Options being issued.

 

Argonaut is the underwriter to the Entitlements Issue.

 

Commenting on the Entitlement Issue, Brumby’s Managing Director Mr Geoff Jones said: “We are very pleased to be able to offer our shareholders participation in this capital raising as we enter a significant period in the Company’s development.”

 

“The funds raised will enable us to mount an aggressive exploration campaign on what we consider to be potentially company making targets and we will move quickly to drill these targets once approvals have been granted,” he added.

 

Brumby is gearing up for a busy exploration field season once statutory approvals have been granted, with priority to be given to drilling the two large-scale iron ore targets at Pardoo East. These targets - which were identified from an interpretation of ground gravity and aeromagnetic surveys completed in 2007 - have the potential to host significant hematite iron mineralisation and are located close to the coast, excellent Pilbara infrastructure and several operating and historic hematite operations.

 

Brumby also intends to undertake additional drilling at its Goldsworthy Project to follow up recent drilling results and further test two identified ground magnetic and gravity anomalies which are also prospective for iron ore mineralisation. The intersections received from Brumby’s recent drilling – which were originally targeting an anomalous platinum-copper-gold intersection – have continued to enhance the iron ore potential of the Goldsworthy tenements.

 

Further details of the issue including the timetable of the issue and the full terms and conditions of the Options will be detailed in a prospectus proposed to be lodged with ASIC on or about 6 March 2008.

 

 

Geoff M Jones

Managing Director

 

For further information please refer to our website www.brumbyresources.com.au or contact:

 

Mr Geoffrey M Jones                                                                                           Telephone:  61 8 9486 8333

Managing Director                                                                                               Facsimile:   61 8 9322 5123

Brumby Resources Limited

 

Unit 3                                                                                                                    PO Box 231

49 Ord Street                                                                                                      West Perth WA 6872

West Perth WA 6005

 

www.brumbyresources.com.au

 

ASX Code - BMY

About Brumby

 

Brumby Resources Limited is a diversified Perth-based exploration and resources company with a multi-commodity portfolio. Brumby listed on the Australian Securities Exchange (ASX) in 2006 and has made significant progress with projects in commodities including manganese, iron ore, base metals and gold.

 

The Company has assembled extensive and high quality ground holdings in Western Australia and the Northern Territory. Brumby’s strategic approach is to refine targets, explore and evaluate the Company’s projects in a cost effective and timely manner, and to identify and develop new mineral deposits with the potential to significantly enhance shareholder value.

 

Brumby is managed by a highly experienced team of mining individuals with expertise in mineral exploration, development, financing and operations.

 

 

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Brumby Resources

EXPLORATION STAGE
CODE : BMY.AX
ISIN : AU000000BMY6
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Brumby is a gold and iron exploration company based in Australia.

Its main exploration properties are MCARTHUR RIVER BASIN / BATTEN CREEK, PARDOO / TELYAGEL, YULE GROUP, BOOTU CREEK NORTH, ETHEL CREEK, GOLDSWORTHY and BRILLANT WELL in Australia.

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7/8/2015Change of Director's Interest Notice
7/7/2015Final Director's Interest Notice - DT
7/7/2015Appendix 3B
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7/7/2015Results of Shareholder Meeting
7/7/2015Initial Director's Interest Notice - RA
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