30 December 2013
Result of General Meeting and Issue of Conditional Placing Shares
Baobab Resources Plc ("Baobab" or the "Company") is wholly focused in Mozambique where it is developing a pig iron and ferro-vanadium project in the Tete province (the 'Tete Pig Iron Project'), one of Africa's fastest growing mining centres.
Further to the announcement dated 10 December 2013, Baobab is pleased to announce that at the General Meeting, which was held earlier today in London, the Conditional Placing Resolution was duly passed by the Independent Shareholders.
As a result of the Conditional Placing Resolution being passed Redbird has subscribed for the
8,500,000 Conditional Placing Shares in the Company at a price of 15 pence per Conditional
Placing Share, raising £1,275,000 before expenses.
An application has been made to the London Stock Exchange plc for the Conditional Placing Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that trading will commence on 31 December 2013. These shares will rank pari passu in all respects with the existing issued Ordinary Shares in the Company. The total issued share capital of Baobab following the allotment of the Conditional Placing Shares will be 315,338,426 Ordinary Shares and Redbird will have a relevant interest of 94,193,158 Ordinary Shares representing
29.87% of the Company's total voting rights.
Commenting today, Jeremy Dowler, Baobab's Chairman, said: "We are very pleased to have received shareholder approval to allow our major shareholder Redbird subscribe for additional shares at a premium to the current share price. We look forward to achieving further milestones in our Definitive Feasibility Study during the first few months of 2014."
Capitalised terms not otherwise defined in this announcement shall have the same meanings as set out in the Circular dated 10 December 2013.
For Further Information please contact: Baobab Resources PLC
Ben James: Managing Director Tel: +258 21 415 200
Jeremy Dowler: Chairman Tel: +44 1372 450529
Frank Eagar: CFO Tel: +258 21 415 200
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Grant Thornton UK LLP Philip Secrett | David Hignell | Jamie Barklem | Tel: | +44 20 7383 5100 |
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Matt Beale | Tel: | +44 7966 389 196 |
27/28 Eastcastle Street London W1W 8DH United Kingdom
BAOBAB MINING SERVICES Pty Ltd Unit 25 South Terrace Piazza FremantleWestern Australia 6160
Australia Post: PO Box 1229 Fremantle Western Australia 6959 Australia Tel: (+61) 8 9430 7151
Fax: (+61) 8 9430 7664
Web: www.baobabresources.com
AIM : BAO
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