ASX / MEDIA ANNOUNCEMENT 24 FEBRUARY 2012
AMPELLA RAISES $47M FOR EXPLORATION AT BATIE WEST
Placement at market price to institutional and sophisticated
investors closes oversubscribed
Ampella Mining Limited (ASX: AMX) is pleased to announce that
it has raised $47 million (before costs) via a Private
Placement and a Share Purchase Plan (to be underwritten) of
approximately
36.1 million ordinary shares in total at $1.30 per share. The
issue price of $1.30 represents a 0.38%
discount to the Company's last closing price of $1.305.
The completion of the capital raise will boost Ampella's cash
balance to over $60 million after payment of issue costs when
added to existing cash reserves. The funds will be used for
general working capital purposes including exploration
activities and feasibility studies.
Ampella currently has 11 rigs on site and is targeting
additional ounces within close proximity to the existing
3.1Moz Konkera Resource (independent JORC Compliant Mineral
Indicated Resource of 30
Mt at 1.6 g/t gold for 1.5 million ounces gold and Inferred
Resource of 31.8 Mt at 1.5 g/t gold for 1.6 million ounces
gold) as well as defining new discoveries along the now 150km
long Batie West shear zone. Ampella's 100% owned
2,600km2 Batie West Project represents one of
the largest contiguous landholdings in Burkina Faso.
The capital raising consists of 3 parts: