Focus Minerals Ltd.

Published : March 11th, 2008

Completes $14M Placement, Announces Details of Share Purchase Plan

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

 

Focus Minerals Limited (ASX: FML)

 

ASX RELEASE                                        11 March 2008

 

FOCUS COMPLETES $14M PLACEMENT, ANNOUNCES DETAILS OF SHARE PURCHASE PLAN

 

 

KEY POINTS

 

  • Focus completes $14M share placement comprising 254.5m shares at 5.5 cents per share.

 

  • Confirms details of Share Purchase Plan (SPP) to raise a minimum of an additional A$4m

 

  • Corporate placement and SPP to underpin buyout of Committee Bay Resources’ 50% interest in the Coolgardie Gold Project and to fund ongoing development and exploration activities.

 

Focus Minerals Ltd (ASX: FML – “Focus”) is pleased to announce that it has today (Tuesday) completed a share placement to sophisticated investors to raise a total of A$14 million, via the issue of 254.5 million shares at 5.5 cents per share. The Company also confirmed details of a Share Purchase Plan (SPP) to raise an additional $4 million, amounting to a total equity raising of $18 million.

 

The funds raised from the share placement and SPP are part of a combined $64 million strategy (announced last week) to help fund the recently announced acquisition of Redemption Joint Venture partner Committee Bay Resources’ (TSX: CBR) 50% stake in the Coolgardie Gold Project and to accelerate development of the Company’s flagship Perseverance Gold Mine. The funds raised will also support ongoing exploration in the area for both gold and nickel.

 

The share placement was completed pursuant to the “excluded offer” provisions of the Corporations Act. 2001. The shares issued pursuant to the placement will rank equally in all respects with the existing ordinary shares of the Company.

 

Perth-based merchant bank Azure Capital is acting as Corporate Advisor and Lead Manager to all aspects of the capital raising and the SPP and Joint Manager to a A$18.6m debt facility currently under negotiation with specialist banking group, Investec Bank (Australia) Ltd.

 

The share placement (as advised in last week’s announcement) will require shareholder approval at a meeting to be held on April 14 2008. Meeting documents are to be mailed to shareholders shortly.

 

Share Purchase Plan

As foreshadowed in last week’s announcement, Focus has announced plans to undertake a non-renounceable entitlement issue of ordinary shares to existing shareholders, and has lodged a disclosure document with the Australian Securities and Investments Commission for the issue of a minimum of 72.7 million ordinary shares at an issue price of 5.5c. The minimum raised will be $4 million with any shortfall to be placed with professional investors.

 

Focus is pleased to be able to give existing shareholders this opportunity, which will enable them to participate in the funding of activities that will see Focus secure 100% ownership of the Coolgardie assets as it moves into gold production in April. All registered Focus shareholders as at 10 March 2008 are entitled to participate in the SPP up to the maximum value of $5,000 (or 90,909 shares), with the closing date for acceptances being Thursday, 17 April 2008 5:00 pm WST (unless the Offer is extended). All shares issued pursuant to the SPP will rank equally with the existing ordinary shares on issue.

 

Timetable and Important Dates*

 

EVENT

DATE

 

Announcement of SPP

Friday,7 March 2008

Record date for determining entitlements to Shares

Monday, 10 March 2008

Entitlement and Acceptance Forms to be sent to Shareholders

Friday, 14 March 2008

Closing Date of Offer

Thursday,17 April  2008

 

Allotment of shares under the Plan

Wednesday, 23 April 2008

Despatch date for holding statements

Wednesday, 30 April 2008

 

*Dates are indicative only and subject to change

 

 

Summary

 

Focus is preparing to commence initial gold production at Coolgardie in April at the high-grade Perseverance Project. This Project is forecast to yield production of 76,500 ounces over 21 months and offers significant exposure to additional exploration success and the current strong gold price.

 

Gold production is targeted to deliver approximately 5,300 ounces in FY2007/08 (reflecting start-up production), increasing to ~65,000 ounces in FY2008/09, ~75,000 ounces in FY2009/10 and then ramping up to a sustainable level of 80,000 - 100,000 ounces per annum from FY2010/11 onwards from other projects currently within the development pipeline at Coolgardie.

 

Focus is also planning to commence an accelerated deep drilling program to test the area below the existing Nepean Nickel Mine workings, with the objective of confirming the potential to develop the mine below the 14th level (500 metres). The Company is aiming to re-commission the Nepean Project towards the end of the second Quarter of 2008, extracting remnant mineralized ore.

 

A bankable feasibility study on this project will be completed by the end of March 2008, when the trial mining will commence and be self funding.  This will allow the Company to acquire more information about mining conditions, before embarking upon the development of a planned decline to access previously untapped ore and provide for much deeper mining.

 

 

 

ENDS

 

 

Released by:

On behalf of:

Nicholas Read/Jason Cunningham

Don Taig, Chairman

Peter Williams, Managing Director

Read Corporate
Focus Minerals Ltd

Telephone: (+61-8) 9388-1474

Telephone: (+61-8) 9215-7888

www.readcorporate.com.au

Web: www.focusminerals.com.au

 

 

COMPETENT PERSON’S STATEMENT

The information in this report relating to Resources and Reserves are based on work supervised by Mr Chuck McCormick who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr McCormick has the relevant experience as a “Competent Person” as defined in the 2004 edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves in relation to the mineralisation reported on. Mr McCormick is Exploration Manager of Focus Minerals Ltd and consents to the inclusion of the material in the form and content in which it appears.

 

BACKGROUND INFORMATION – FOCUS MINERALS LTD

 

Focus Minerals Ltd (ASX: FML) is an Australian-based exploration and development group whose focus is to become a significant gold and nickel producer in the Coolgardie-Kalgoorlie-Widgiemooltha region of Western Australia.

 

Focus Minerals is the largest landholder in the Coolgardie Gold Belt located in Western Australia, 560km east of Perth and 35km west of the ‘Super Pit’ in Kalgoorlie-Boulder. More than 2.6 million ounces of gold has been produced from the Coolgardie gold belt alone since 1892. Focus holds the mineral rights to more than 210sq km of tenements including Measured, Indicated and Inferred Resources exceeding 1.65 million ounces of gold as well as the 1.2mtpa Three Mile Hill processing plant.

 

Focus Minerals is also fast tracking development of its wholly-owned Nepean Nickel Project (current estimated resource totalling 591,300t @ 2.2% Ni) located 25km south of Coolgardie. Focus has a view of recommencing mining operations from the historic production centre in 2008.

 

 

 

 

READ CORPORATE
Public Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au 

PLEASE NOTE:

This e-mail and any attachments may contain confidential and/or privileged material and is for the intended addressee(s) only. If you are not an intended addressee, you must not use, copy, retain, disclose or distribute this information. Please notify the sender immediately by return e-mail and delete the message from your system. If you believe that this message constitutes a Commercial Electronic Message (CEM) under the Spam Act 2003 and you wish to unsubscribe please contact the originator of this message with the subject line of unsubscribe.

Note: Virus scanning is carried out on all incoming and outgoing email, but cannot be guaranteed to be timely, secure, error or virus-free. To protect against computer viruses, e-mail programs may prevent sending or receiving certain types of file attachments. If you are having problems please check your e-mail security settings to determine how attachments are handled.

 

Focus Minerals Ltd.

PRODUCER
CODE : FML.AX
ISIN : AU000000FML4
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Focus Min. is a gold development stage company based in Australia.

Focus Min. holds various exploration projects in Australia.

Its main assets in production are COOLGARDIE, TINDALS MINING CENTRE and MOUNT GOLD in Australia and its main exploration properties are NEPEAN MINE, MOUNT (REDEMPTION JV), LAKE COWAN and TREASURE ISLAND in Australia.

Focus Min. is listed in Australia and in Germany. Its market capitalisation is AU$ 53.0 millions as of today (US$ 37.6 millions, € 33.2 millions).

Its stock quote reached its highest recent level on March 05, 2004 at AU$ 9.75, and its lowest recent point on March 13, 2020 at AU$ 0.15.

Focus Min. has 182 750 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Focus Minerals Ltd.
FY12 Annual Report & September Quarterly Report
Nominations of Focus Minerals Ltd.
7/5/2011Crescent Directors Accept the Focus Offer
4/20/2011Appoints two new directors to board
1/14/2009Appointment of Chief Operating Officer
3/4/2008 Appoints Mining Contractor, Signs Toll Treatment Agreement ...
Project news of Focus Minerals Ltd.
7/11/2011June Gold Production up 34%
6/8/2011Open Briefing: CEO on Production Ramp-Up and Outlook
5/23/2011(Tindals Mining Centre)Commences production at Tindals open pits
4/19/2011(Tindals Mining Centre)Commences development of three new open pits at Tindals Mini...
3/17/2011(Mount Gold)Production set for significant boost as mining starts at The...
3/4/2011(Treasure Island)Focus acquires remaining stake in Treasure Island gold proje...
3/1/2011(Tindals Mining Centre)High-grade results point to more open pit resources at Tinda...
2/10/2011(Tindals Mining Centre)Resources upgrade and bumper drilling results highlight stro...
1/24/2011(Coolgardie)High-grade intercepts at Big Blow strengthen Tindals open pi...
1/12/2011(Coolgardie)Hits target with production of 21,000oz in December quarter
6/15/2010Acquires High-Grade Gold-Copper Project in WA
9/7/2009(Mount (redemption Jv))Poised to Become Significant Mid-Tier Gold Producer After Se...
9/7/2009(Mount (redemption Jv))Commencement of Mining at The Mount
8/11/2009(Tindals Mining Centre)High Grade Intercepts at Tindals Mining Centre
8/11/2009(Tindals Mining Centre)Exploration Drilling Delivers Further High-Grade Gold Interc...
2/12/2009(Coolgardie)80% Increase in Gold Resources at Brilliant Deposit, Coolgar...
5/28/2008Commencement of Nepean Drilling Programme to Underpin Ongoin...
4/29/2008(Coolgardie)Delivers Maiden Gold Pour at Coolgardie Project, Western Aus...
4/3/2008(Perseverance) Upgraded Gold Reserves at Perseverance Gold Deposit Boosts ...
4/2/2008(Nepean Mine)Outstanding High-Grade Nickel Intercepts Enhance Nepean Proj...
3/26/2008(Coolgardie)Substantial Resource Upgrade for Countess Gold Deposit, Cool...
3/7/2008(Coolgardie)unveils $64m Strategy to Buyout Cooolgardie Gold JV
2/19/2008(Coolgardie)Further Resource Upgrade for High-Grade Perseverance Gold De...
Corporate news of Focus Minerals Ltd.
6/9/20162015 Annual Report
4/29/2016March Quarterly Activities and Cashflow Report
4/29/2016Coolgardie and Laverton Exploration Update
4/18/20162015 Annual Report
3/31/20162015 Full Year Financial Accounts
1/29/2016December 2015 Quarterly Activities and Cashflow Report
1/27/2016More Evidence of Significant System at Karridale
11/17/2015Maiden High Grade Resource For Bonnie Vale
10/29/2015September 2015 Quarterly Activities and Cashflow Report
10/16/2015Bonnie Vale Resource Modelling Commences
8/25/2015Correction to Quarterly Activities and Cashflow Report
7/29/2015June 2015 Quarterly Activities and Cashflow Report
7/24/2015Coolgardie Exploration Update: Bonnie Vale Continues to Deli...
4/13/2015Laverton Exploration Update
3/31/2015Focus Minerals Limited – Financial Report YE 2014
2/11/2015Coolgardie Exploration Update
2/11/2015Focus Minerals Ltd December 2014 Quarterly
12/4/2013Director Retirement
12/4/2013AGM Address
2/5/2013Management Change
1/31/2013December Quarterly Report
9/28/2012FY12 Full Year Results
8/7/2012Diggers & Dealers Presentation
10/13/2011Crescent Gold Board Changes
9/1/2011Launches iPad App on the Apple iTunes Store
8/3/2011Relevant Interest Over 50% in Crescent
6/29/2011and Crescent Release Their Bidder's and Target's Statements
6/20/2011Takeover of Crescent Gold by Focus Minerals
4/14/2011On track to accelerate growth plans after completing $7m SPP...
2/7/2011To report 28% rise in interim profit to $6.2M
1/31/2011December 2010 Quarterly Report
8/24/2010Profit Guidance - Record full year net profit
7/29/2010June 2010 Quarterly Activities Report
7/29/2010Quarterly Report for the Period Ending 30 June 2010
7/16/2010Outstanding Copper Grades from Sampling at Treasure Island
7/7/2010On Track to Produce 80,000oz for Calendar Year 2010 - Over 4...
6/3/201080% Increase in Gold Resources at Cyanide Deposit
4/30/2010March 2010 Quarterly
4/30/2010Activities Report For The Quarter Ended 31 March 2010
3/4/2010Delivers First Half A$4.9m Interim Net Profit
1/28/2010Activities Report For The Quarter Ended 31 December 2009
1/27/2010Signs Deal with La Mancha
11/26/2009Market Update
11/9/2009Record Milling Campaign Delivers Gold Production of ~ 21,900...
10/27/2009September Activities Report
10/19/2009Audio Presentation to the Australian Gold Conference
9/17/2009 (Audio) Focus Announces Maiden 2009 Year Net Profit - Mr Ca...
9/9/2009(Audio) Emerging Mid-Tier Gold Producer Steps Closer to Prod...
8/12/2009Signs Mill Treatment Exclusivity Agreement with Matsa Resour...
7/29/2009(Audio) Board Room Radio Broadcast
7/23/2009June Quarterly Activities Report
6/30/2009Delivers Record Gold Production of 19,226oz From Recent Mill...
2/24/2009Landmark A$28M Capital Raising To Fund Aggressive Growth Str...
1/23/2009 Activities Report for the Quarter Ended 31 December 2008
12/1/2008(Tindals Mining Centre)69% Increase in Probable Ore Reserves at Tindals Mining Cent...
11/26/2008Chairman's Supplementary Statement - AGM 25th November 2008
7/29/2008June Quarterly Report
5/1/2008Completes Settlement of JV Acquisition
5/1/2008Quarterly Activities Report
3/11/2008Completes $14M Placement, Announces Details of Share Purchas...
1/31/2008December 2007 Quarterly Activities Report
1/31/2008Enters into Exclusivity Agreement to Negotiate the Proposed ...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
AUSTRALIA (FML.AX)FRANKFURT (FZA.F)
0.290+0.00%0.168-0.59%
AUSTRALIA
AU$ 0.290
12/02 11:34 -
0%
Prev close Open
0.290 0.290
Low High
0.290 0.290
Year l/h YTD var.
0.235 -  0.410 -14.71%
52 week l/h 52 week var.
0.235 -  0.410 -14.71%
Volume 1 month var.
28,999 5.45%
24hGold TrendPower© : -40
Produces Gold
Develops
Explores for Gold - Nickel
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 11/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2021-14.71%0.430.28
202047.83%0.490.15
201931.43%0.450.17
2018-45.31%0.370.15
2017-21.95%0.560.32
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.20-1.82%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.45-5.77%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 2.91-1.36%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.97-2.02%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.85+0.00%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.04+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.42+1.48%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.00-0.30%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.42-5.68%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.17-1.76%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.52-6.67%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.84-2.90%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :