Ampella Mining Limited

Published : November 25th, 2009

Raises $16.5 Million To Accelerate Exploration At Batie West

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Keywords :   Australia | Burkina Faso | Lead |

 

Ampella Mining Ltd  (ASX: AMX)

 

ASX RELEASE                                                                                                                              25 November 2009

 

Ampella Raises $16.5 Million To Accelerate Exploration At Batie West

Placement to institutional and sophisticated investors closes heavily oversubscribed

 

 

Ampella Mining Limited (ASX: AMX, AMXO) is pleased to announce that it has raised $16.5 million (before costs) via the placement of 30 million ordinary shares at 55 cents per share.

In light of the overwhelming demand, the Board of Ampella decided to increase the placement from $12 million as announced on 20 November 2009 to $16.5 million. The issue price of 55 cents represents an 11% discount to the Company?s 10 day VWAP being 62 cents.

 

The funds, which will add to the approximately $3.5 million already held by Ampella, will be used to accelerate exploration at its Batie West Project in Burkina Faso and, in particular, for further drilling at Konkera in the lead-up to the initial resource calculation.  Funds will also be used to follow up earlier drilling at some of the other prospects previously identified, to commence exploration on its newly acquired land packages and for general working capital purposes.

 

Evan Cranston, Executive Director ? Corporate for Ampella, said that the placement closed early and was heavily oversubscribed.  ?The demand for the stock was overwhelming and we are very pleased to have raised the funds at a slight discount to Ampella?s 10 day VWAP.?

 

Mr Cranston said ?Ampella has had a successful 12 months, raising over $25 million in 4 separate raisings.?  He said Ampella thanked its existing institutional investors for their continued support and welcomed the new institutional and sophisticated investors from Australia and overseas to its register.

 

Approximately 19.32 million shares to raise $10.626 million will be placed pursuant to the Company?s 15% capacity and the remainder will be subject to shareholder approval.  A general meeting of shareholders will be called in January 2010.

 

The placement was Lead Managed by Australian stock broking firm, Patersons Securities Limited.  The shares were issued to various Australian and international institutional and sophisticated investors and clients of Patersons, DJ Carmichael and UK-based Fairfax IS plc, who also participated in the placement.

 

The Company is not aware of any reason why the ASX would not allow trading to recommence immediately.

 

 

 


For further information, please contact:

 

Dr Paul Kitto ? Managing Director:  +61 (0) 419 883 563

Evan Cranston ? Executive Director - Corporate:  +61 (0) 408 865 838

Website: www.ampella.com.au

 

For media inquiries, please contact:

Paul Armstrong ? Read Corporate: +61 9388 1474 / 0421 619 084

 

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Data and Statistics for these countries : Australia | Burkina Faso | All
Gold and Silver Prices for these countries : Australia | Burkina Faso | All

Ampella Mining Limited

EXPLORATION STAGE
CODE : AMX.AX
ISIN : AU000000AMX0
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Ampella is an exploration gold and zinc company based in Australia.

Its main exploration properties are DONKO, DOULNIA, MADOUGOU and BATIE WEST in Burkina Faso.

Ampella is listed in Australia and in Germany. Its market capitalisation is AU$ 251.7 millions as of today (US$ 192.5 millions, € 161.7 millions).

Its stock quote reached its lowest recent point on July 18, 2008 at AU$ 0.03, and its highest recent level on December 31, 2010 at AU$ 3.42.

Ampella has 256 799 984 shares outstanding.

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Nominations of Ampella Mining Limited
5/21/2008 Announces Appointment of Chief Executive Officer and Result...
Project news of Ampella Mining Limited
1/21/2010Announces 1.2 Million Oz Maiden Gold Resource For Konkera Pr...
11/25/2009(Batie West)Raises $16.5 Million To Accelerate Exploration At Batie West
Corporate news of Ampella Mining Limited
8/11/2008Initial Rock Chip Results Confirm Prospectivity of Ampella's...
7/31/2008Quarterly Activities Report
4/30/2008Quarterly Activities Report.
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