Griffin Mining Ld - Re Placing of Shares, etc.
29 Juni 1998 - 9:35AM
UK Regulatory
RNS No 5444f
GRIFFIN MINING LIMITED
26th June 1998
Placing of 7 million new ordinary shares at US 24 cents per share to raise
US$1,680,000
Details of management share options
Grant of further options
Placing of 7 million new ordinary shares at US$0.24 per share to raise
$1,680,000
Griffin Mining Limited ("Griffin") today announces that it has concluded a
Private Placement of 7,000,000 new ordinary shares in Griffin at US$0.24 per
share to raise US$1,680,000 before expenses. The Placing was arranged by
Benitz & Partners Limited as Agent for Griffin. The shares have been placed
with a small number of sophisticated international investors and with
Directors and Officers of Griffin.
The funds raised will principally be applied in funding the preliminary work
on the feasibility study for Griffin's Caijiaying Zinc-Gold project in China.
In addition to the 7,000,000 new ordinary shares being placed, a further
200,000 new ordinary shares in Griffin have been issued to third parties in
settlement of fees incurred in connection with the Placing.
Immediately following this Placement, the total issued share capital of
Griffin will comprise 20,993,779 ordinary shares. Shareholdings in excess of
3% of the share capital, as enlarged by the Placing, comprise the following.
At 26 June 1998 immediately At 26 June 1998 immediately
prior to the placing. following the placing
No. % No. %
Everton Overseas Holdings Inc 3,500,000 25.0 3,500,000 16.7
Kimble International Inc 1,800,000 12.8 1,800,000 8.6
Morstan Nominees Limited 1,250,000 8.9 1,250,000 6.0
ICE Securities Limited 750,000 5.4 - -
Gee & Co 700,000 5.0 700,000 3.3
Clanbrassil (Nominees) Limited - - 1,800,000 8.6
Chase Nominees limited - - 750,000 3.6
A R Rule Investments (BC) Limited - - 750,000 3.6
Dynamic Mid-Ocean Global Fund Limited - - 700,000 3.3
Seine Finance SA - - 700,000 3.3
Certain Directors of Griffin Mining Limited are participating in the Placing
on the same terms as the other Placees. Set out below are details of
Directors' interests in the share capital of the company immediately prior to
and following the Placing.
At 26 June 1998 immediately At 26 June 1998 immediately
Prior to the Placing Following the placing
Ordinary Options over Ordinary Options over
shares ordinary Shares shares ordinary shares
No. No. No. No.
Craig Niven 25,000 40,000 50,000 40,000
Mladen Ninkov 1 - 30,001 -
John Goodger 1,000 40,000 51,000 40,000
Gordon Montgomery 100 40,000 40,100 40,000
William Mulligan 1 40,000 1 40,000
John Steele 1 40,000 25,001 40,000
Details of management share options
New share options are to be granted to directors and management of Griffin.
The existing 31 December 1998, 50 cent options over 200,000 new Griffin
ordinary shares currently held by five of the six directors are to be
cancelled. New share purchase options over a maximum of 2,450,000 new
ordinary shares in the capital of Griffin ("the New Options") are to be
granted to directors and management of Griffin. Each New Option granted will
give the holder the right to subscribe for new ordinary shares in Griffin at
an exercise price of US 24 cents at any time from the date of grant up to and
including 31 August 1999. It is intended that the first options to be granted
under this scheme will be granted to individual board members and senior
management on or about 1 July 1998.
Grant of further options
In addition to the options to be granted above, an option over 300,000 new
ordinary shares in Griffin on exactly the same terms as the management share
options is being granted, at the direction of Benitz & Partners Limited as
part of the Placing arrangements.
Further information:
Craig Niven (Chairman) - Griffin Mining Limited - Tel: 0171-321-2077
Stephen Goschalk - English Trust Company Limited - Tel: 0171-608-0888
Griffin Mining Limited was registered in Bermuda in 1988 and its shares and
warrants are listed on the Luxembourg Stock Exchange, quoted on the
Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM)
and traded on the Canadian Dealing Network in Toronto (symbol GRFM). Corporate
information and share prices can be accessed via the Newstrack Service on
Reuters (symbol GFM.L) (page JPJA), Bloomberg (symbol GFM LN), ICV Topic
(*1180) QST/Quotron (NTRACK). The share price is also published daily in the
Financial Times and London Evening Standard. The Company's news releases are
available through Canadian Corporate News' Internet Home Page:
htp://www.cdn-news.com
END
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