GFM Griffin Mining Limited

RNS Number:5240A
Griffin Mining Ld
15 March 2001


Results of Special General Meeting

At a Special General Meeting held today of Griffin Mining Limited ("Griffin"
or "the Company") shareholders approved all resolutions for a reduction in the
par value of the Company's shares, which to comply with Bermuda notice
requirements will be effective from 22nd March 2001.  This will enable the
Company to proceed with a placing of new ordinary shares with institutional
and other clients of Griffin's nominated broker, Charles Stanley & Company
Limited.

The Directors are pleased to report that the Company has received commitments
for 41,751,922 new ordinary shares at a subscription price of 3.5p raising
$2.13 million. The monies raised from the placing will be used by Griffin to
complete the remaining matters required under the Chinese Mining Law of 1998
to convert Griffin's exploration licence over the Caijiaying zinc gold project
into a mining licence.  This will enable Griffin, subject to the necessary
additional capital being available, to proceed with the construction of the
mine and processing facilities at Caijiaying, for the commissioning of the
Caijiaying mine and for general working capital purposes.

As announced on 23 February, existing shareholders are being given the
opportunity to subscribe for additional ordinary shares at the placing price.
This is being effected by way of a bonus issue of warrants (the "Warrants") to
existing shareholders as of 9 March 2001 on the basis of 1 Warrant for every 2
ordinary shares held. Each Warrant will entitle the holder to subscribe for
one new ordinary share at the placing price on or before 15th May 2001.

Completion of the placing, the proposed grant of warrants, and the
commencement date for trading on AIM of the new shares issued under the
placing is expected on 22nd March 2001.


Further information

Roger Goodwin - President                       Telephone: +44(0)20 7663 9855

Charles Dampney - Charles Stanley               Telephone: +44(0)20 7739 8200

Leesa Peters - Golin/Harris Ludgate             Telephone: +44(0)20 7324 8552

Griffin Mining (LSE:GFM)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

Griffin Mining (LSE:GFM)
Historical Stock Chart
Von Jul 2023 bis Jul 2024