Centamin Egypt Limited Announces Closing of C$134,400,000 Special Warrant Financing



    /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
    AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES./

    TORONTO, Nov. 23 /CNW/ - Centamin Egypt Limited (TSX:CEE)
(AIM:CEY)(ASX:CNT) is pleased to announce that it has closed the previously
announced offering of special warrants (the "Offering"), sold on a private
placement basis through a syndicate of underwriters led by Westwind Partners
Inc. and including Orion Securities Inc., Ambrian Partners Limited and Cormark
Securities Inc. (collectively, the "Underwriters"). An aggregate of
112,000,000 special warrants were issued and sold today at a price of C$1.20
per special warrant for aggregate gross proceeds of C$134,400,000, which
includes the exercise in full by the Underwriters of the Underwriters' option.
    The Offering was subject to shareholder approval of 75,893,863 ordinary
shares and 8,794,691 broker warrants that were issued in April 2007, which was
received at the Company's annual meeting held today.
    Each special warrant shall be automatically exercised for no additional
consideration to acquire one ordinary share in the capital of the Company,
subject to adjustment in certain events, at 5:00pm (Toronto time) on the
earlier of (a) the third business day after the date that a receipt is issued
by the securities regulatory authorities in Canada for a final prospectus
qualifying the ordinary shares to be issued upon the exercise of the special
warrants and (b) the date that is four months and one day following the
closing date of the Offering.
    Centamin Egypt Limited plans to use the net proceeds of this financing to
fund the continued development of the Sukari gold project, underground
development, other exploration and general corporate purposes. The
Underwriters received compensation comprised of cash upon closing of the
Offering and will also be issued broker warrants subject to shareholder
approval prior to issuance.
    The securities issued under this Offering were offered by way of private
placement exemptions in all the provinces of Canada other than Quebec,
offshore including in the United Kingdom pursuant to applicable exemptions and
in the United States on a private placement basis pursuant to exemptions from
the registration requirements of the United States Securities Act of 1933, as
amended.
    The securities offered have not been, nor will they be, registered under
the United States Securities Act of 1933, as amended, and were not offered or
sold within the United States or to, or for the account or benefit of, U.S.
persons absent U.S. registration or an applicable exemption from the U.S.
registration requirements. This release does not constitute an offer for sale
of securities in the United States.

    The Toronto Stock Exchange does not accept responsibility for the
    adequacy or accuracy of this release.




For further information:

For further information: Centamin Egypt Limited, Josef El-Raghy, + 61
(8) 9316 2640, Website: www.centamin.com

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CENTAMIN EGYPT LIMITED

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