Noticias
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004








Noticias


Orosur Mining Inc Announces Placing of US$13.5 million


June 10, 2011

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES
OR OVER UNITED STATES NEWSWIRE SERVICES

Orosur Mining Inc. (“OMI” or “the Company”) (TSX-V: OMI) (AIM: OMI), the South American-focused gold producer and explorer, announces the successful completion of the placing (the “Placing”) announced yesterday. A total of 12,501,100 new common shares (the “Placing Shares”) have been placed by Canaccord Genuity Limited (“Canaccord Genuity”) acting as sole manager and sole bookrunner, at a price of 66.0 pence (CDN$1.05) per common share (a discount of 9.0% from the closing price on AIM on 9 June 2011), raising gross proceeds of US$13.5 million (£8.3 million).

Mario Caron, David Fowler, William Lindqvist, Julio Porteiro, Roger Davey, Ralph Browning and Ignacio Salazar, all of whom are Directors of the Company, have agreed to subscribe for common shares at the Placing Price, and their disclosable interests are as set out below:

Director New common shares subscribed Shareholding immediately following Admission Percentage of enlarged issued share capital
Mario Caron 28,000 78,000 0.10%
David Fowler 106,500 239,951 0.31%
William Lindqvist 28,000 58,000 0.07%
Julio Porteiro 37,000 77,000 0.10%
Roger Davey 23,500 23,500 0.03%
Ralph Browning 65,000 65,000 0.08%
Ignacio Salazar 93,000 173,000 0.22%

In connection with the Placing, Canaccord Genuity will receive a 5% cash commission on all proceeds received as well as that number of broker warrants equal to 4.5% of the number of Placing Shares, each of which will entitle Canaccord Genuity to purchase one common share at 66.0 pence per share until the date that is 18 months from the date the Placing Shares are admitted to AIM.

In connection with the Acquisition, the Company shall allot 231,321 new common shares (the “Consideration Shares”) for issuance, as consideration for the introduction of Talca to the Company.

The Placing Shares and Consideration Shares (collectively referred to as the “Placing and Consideration Shares”) will be issued as fully paid and will rank pari passu with the existing common shares of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing and Consideration Shares. The Company will apply for the Placing and Consideration Shares to be admitted to trading on AIM and for the Placing and the placement of the Consideration Shares to be approved by the TSX-V. It is expected that closing of the Placing will take place on or around 16 June 2011. The Placing and Consideration Shares will be subject to a hold period in Canada of four months and a day from the date of issue, in accordance with applicable Canadian securities laws.

Following the issuance of the Placing and Consideration Shares, the total number of issued common shares in Orosur to which voting rights are attached on the basis of one vote per common share held will be 77,740,988.  Subject to the admission to AIM of the Placing and Consideration Shares and approval of the Placing and the placement of the Consideration Shares by the TSX-V, the above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules and applicable Canadian securities laws.

Definitions in the Company’s announcement on 9 June 2011 shall have the same meaning in this announcement unless the context otherwise requires.

Commenting on the successful placing, David Fowler, CEO said:

“We’re delighted that we have raised the necessary funds for the acquisition and exploration programme at Talca, a project which we feel has great potential. I would also like to take this opportunity to thank our shareholders for their continued support and look forward to updating them on our progress.”

For further information, please contact:

Orosur Mining Inc
David Fowler, CEO
Ignacio Salazar, CFO  + 598 2601 6354; info@orosur.ca

Canaccord Genuity Limited (Sole Bookrunner and Placing Agent)
Mark Williams, +44 (0) 207 050 6758
Ryan Cohen, +44 (0) 207 050 6765
Peter Stewart, +44 (0) 207 050 6561
Bhavesh Patel + 44 (0) 207 050 6751

Matrix Corporate Capital LLP (Nominated Adviser & Broker)
Robin Henshall: +44 (0) 203 206 7172

Blythe Weigh Communications (Public Relations and Investor Relations)
Tim Blythe: +44 (0) 7816 924626
Ana Ribeiro: +44 (0) 7980 321505
Matthew Neal: +44 (0) 7917 800011

Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute "forward-looking statements" within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. Forward-looking statements include completion of the Talca acquisition and completion of the private placement. There can be no assurance that such statements will prove to be accurate; such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. These factors include the inherent risks involved in the exploration and development of mineral properties described in the Company's most recent annual information form under the heading "Risk Factors" which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.

ENDS
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the United States or to “U.S. persons”, as such term is defined in Regulation S promulgated under the 1933 Act, absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

About Orosur Mining Inc. 
Orosur Mining Inc. is a fully integrated gold producer and exploration company focused on identifying and developing gold projects in Latin America. The Company operates the only producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay and Chile. The Company is quoted in Canada (TSX-Venture Exchange: OMI) and London (AIM: OMI).

 

Copyright 2007 Uruguay Mineral Exploration Inc.
Informacion Legal y Condiciones de Uso
Inicio | Empresa | Operaciones | Exploración | Inversores | Noticias | Contacto | Medios