PRESS RELEASE 24 JANUARY 2012
SERABI GOLD plc ("Serabi" or "the Company")
Proposed Placing
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN.
Neither this announcement nor any part of it constitutes an
offer to sell or issue or the solicitation of an offer to
buy, subscribe or acquire any new Ordinary Shares or warrants
for Ordinary Shares in any jurisdiction in which any such
offer or solicitation would be unlawful and the information
contained herein is not for publication or distribution,
directly or indirectly, in or into the United States,
Australia, the Republic of South Africa, the Republic of
Ireland, Japan or any jurisdiction in which such publication
or distribution would be unlawful.
Members of the general public are not eligible to take part
in the Placing referred to below. Invitations to participate
in the Placing will be limited to certain qualified persons.
The Board of Serabi (AIM:SRB, TSX:SBI and SBI.WT) announces
that the Company is at an advanced stage of raising up to
approximately £2.7 million by way of a market placing of
27,050,000 Units with institutional shareholders at an
indicative placing price of 10.0 pence per Unit. Each Unit
comprises one new Ordinary Share of 5.0 pence each ("Ordinary
Share") and one sixth of a share purchase warrant whereby
each whole warrant (a "Warrant") entitles the holder to
subscribe for one new Ordinary Share at an indicative price
of 15.0 pence at any time for a period of two years. The net
proceeds of the proposed placing will be used, in conjunction
with the Company's existing cash balances to undertake a
preliminary economic assessment on the viability of
recommencing operations at Palito and provide additional
working capital for the Company. The new Ordinary Shares will
rank pari passu with the existing Ordinary Shares.
Certain of the Directors and their related interests have
expressed a desire to participate in such a placing and
subscribe on the same terms as third-party placees. A further
announcement will be made in due course.
This announcement contains forward-looking statements. These statements relate to the Company's future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as "believe", "could", "envisage", "estimate", "intend", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements in this announcement are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Company's actual results may vary materially from those
SERABI GOLD PLC2nd Floor, 30-32 Ludgate Hill, London EC4M 7DR This document is not intended to and does t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 e contact@serabimining.com www.serabigold.com not amount to an invitation or inducement to Registered Office 66 Lincoln's Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
PRESS RELEASE 24 JANUARY 2012
SERABI GOLD plc ("Serabi" or "the Company")
expected, estimated or projected. Given these risks and
uncertainties, potential investors should not place any
reliance on forward-looking statements. These forward looking
statements speak only as at the date of this announcement.
Neither the Directors nor the Company undertake any
obligation to update forward-looking statements described in
this announcement other than as required by the Prospectus
Rules, the AIM Rules or by the rules of any other relevant
securities regulatory authority, whether as a result of new
information, future events or otherwise.
This announcement is for information purposes only and does
not constitute an offer for sale or an invitation to
subscribe for, or the solicitation of an offer to buy or
subscribe for, Ordinary Shares in any jurisdiction where such
an Ordinary or solicitation is unlawful ("Restricted
Jurisdiction"). In particular, this announcement is not
for distribution in or into the United States, Japan,
Australia, the Republic of Ireland, the Republic of South
Africa or any other Restricted Jurisdiction. The Ordinary
Shares will not be registered under the United States
Securities Act of 1933 (as amended) or under the securities
laws of any state of the United States or under any of the
relevant securities laws of Canada, Australia, Japan, the
Republic of Ireland, the Republic of South Africa or any
other Restricted Jurisdiction, nor has any prospectus in
relation to the Ordinary Shares been filed, or registration
made, under any securities law of any province or territory
of Canada or been lodged with or registered by the Australian
Securities and Investments Commission or the Japanese
Ministry of Finance. Overseas shareholders and any person
(including, without limitation, custodians, nominees and
trustees) who has a contractual or other legal obligation to
forward this announcement to a jurisdiction outside the UK
should seek appropriate advice before taking any action. No
action has been taken by the Company or by Beaumont Cornish
Limited that would permit a public offer of Ordinary Shares
or possession or distribution of this announcement where
action for that purpose is required. Persons into whose
possession this announcement comes should inform themselves
about, and observe any such restrictions. Any failure to
comply with these restrictions may constitute a violation of
the securities laws of any such jurisdiction.
Enquiries
SERABI GOLD plc
Michael Hodgson t +44 (0)20 7246 6830Chief Executive m +44 (0)7799 473621
Clive Line t +44 (0)20 7246 6830Finance Director m +44 (0)7710 151692
e contact@serabigold.com www.serabigold.com
BEAUMONT CORNISH Limited
Nominated AdviserRoland Cornish t +44 (0)20 7628 3396
Michael Cornish t +44 (0)20 7628 3396
FOX DAVIES CAPITAL Ltd
UK BrokerSimon Leathers t +44 (0)20 3463 5010
Jonathan Evans t +44 (0)20 3463 5010
Copies of this release are available from the Company's website at www.serabigold.com
Qualified Persons StatementThe information contained within this announcement has been reviewed and verified by Michael Hodgson, CEO of the Company. Mr Hodgson is an Economic Geologist by training with over 25 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the
Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of
Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining. Oil and
Gas Companies dated March 2006.
Quality Assurance and Quality Control Procedures DisclosureThe Company has implemented and maintains a Serabi quality assurance/quality control (QA/QC) protocol at its JDO Project as defined in its "NI 43-101 Technical Report for the Jardim Do Ouro Project, Para State, Brazil" dated 22 December 2010. This ensures best industry practice in sampling and analysis of exploration and resource definition samples. The insertion of field duplicates, certified standards and blank samples into the sample stream form part of the Serabi procedure (these act as an independent check on contamination, precision and accuracy in the analytical laboratory).
Assay results are reported once rigorous QAQC procedures have been approved
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release.
SERABI GOLD PLC2nd Floor, 30-32 Ludgate Hill, London EC4M 7DR This document is not intended to and does t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 e contact@serabimining.com www.serabigold.com not amount to an invitation or inducement to Registered Office 66 Lincoln's Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
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