EMED Mining Public Limited - Completion of acquisitions of remaining land needed for Rio Tinto Copper Mine restart
NICOSIA, Cyprus, Aug. 31, 2012 /CNW Telbec/ - Further to the announcements of 9 July and 3 August, EMED Mining ("EMED Mining" or "the Company") (AIM: EMED) (TSX: EMD), the Europe-based minerals development and exploration company, is pleased to announce that it has now completed the acquisitions of the land plots pursuant to the sale and purchase agreements entered with Rumbo 5-Cero, S.L. ("Rumbo") and Inland Trading 2006, S.L. ("Inland").
In addition to the satisfaction of the outstanding cash payments, EMED Mining has issued a total of 67,060,909 new ordinary shares of 0.25 pence each in the Company ("Ordinary Shares"), with 48,549,234 Ordinary Shares issued to Rumbo and 18,511,675 Ordinary Shares issued to Inland. Application has been made for admission of the new Ordinary Shares to trading on AIM and such admission is expected to become effective on 3 September 2012. Following the issue of the new Ordinary Shares to Rumbo and Inland, the Company now has a total of 1,113,336,161 Ordinary Shares in issue.
Harry Anagnostaras-Adams, Managing Director and CEO, said: "These transactions represent significant de-risking of the Rio Tinto Copper Mine. All major legacy problems have been dealt with as regards ownership and structure: we acquired the key assets in 2008, settled with the secured lender, settled with the Government department holding a lien, removed inappropriate product off-take arrangements and now we have taken over all required lands adjacent to the project.
"It will now be refreshing and exciting to be able to focus only on the project itself - its developmental, environmental, social and economic aspects."
SOURCE: EMED MINING PUBLIC LIMITEDFor further information:
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