Completion of Merger, Share Consolidation, Name Change, De-Listing of African
Aura Resources Ltd
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES/ TSX-V: AUR AIM: AAAM
Highlights: - AAR shareholders received 1.57 shares in Mano for each share held in AAR - Mano consolidated its enlarged issued share capital on a 1 new share for 8 existing shares basis - Mano changed its name to African Aura Mining Inc ("African Aura") - African Aura to trade on AIM (AAAM) and on TSX-V (AUR) - Having been acquired by Mano, AAR shares have been delisted from TSX-V - David Netherway (Non-Executive Chairman) and Steven Poulton (Non- Executive Director) appointed to enlarged board of African Aura - Updated company website at www.african-aura.com
Merger details
The Transaction was structured as a merger under the corporate laws of the
After closing of the Transaction, Mano undertook a 1 for 8 share consolidation (one new post-consolidation share for every 8 pre-consolidation shares) and changed its corporate name to "African Aura Mining Inc.". Post merger and post share consolidation African Aura has an issued share capital of 52,884,456 shares on an undiluted and 60,487,568 shares on a fully diluted basis. The shares of African Aura will trade on the TSX-V and AIM markets under the symbols AUR and AAAM, respectively. In connection with the Transaction AAR shares have been delisted from the TSX-V.
Post merger strategy
African Aura Mining Inc ("African Aura") will focus on creating value from its advanced portfolio of gold and iron assets:
Liberian assets: - 1.4 million ounce New Liberty gold (NI 43-101, 13.533Mt measured and indicated 3.18 g/t Au) - A pipeline of multiple hard rock gold deposits within truckable distances of New Liberty - 1.08 Bt at 37.6% iron at Putu, under joint venture with Severstal Resources Cameroon assets: - 12km long Nkout iron project, grab samples averaging 54% iron along a 5km section - Resource drilling at Batouri gold project and portfolio of Archaean and Birimian gold prospects - Exploration of Uranium and Rare Earth Element prospects
The initial focus of African Aura will be on creating value in
Board appointments
As part of the Transaction David Netherway has been appointed Independent Chairman of the board of Aura and
David Netherway is a mining engineer with over 30 years of experience in the mining industry and is the CEO of Shield Mining Ltd., an Australian listed gold exploration company. David was involved in the construction and development of the Iduapriem, Siguiri and Kiniero gold mines in West
About African Aura Mining Inc.
African Aura is an established West African exploration and development company with a primary listing on the TSX-V (AUR) and a secondary listing on London's AIM (AAAM). African Aura is focused on the development of world-class iron ore and gold deposits in highly prospective, under explored countries of sub-Saharan
African Aura's assets include the New Liberty gold deposit and the Putu iron ore project, both in
Forward-looking Statements
This press release includes certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the Transaction and future plans and objectives of African Aura are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward-looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including delays in obtaining or failure to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements speak only as of the date hereof and, except as may be required by applicable law, African Aura disclaim any obligation to update or modify such forward-looking statements, either as a result of new information, future events or for any other reason.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
For further information: African Aura Mining Inc.: Luis da Silva, President & CEO, Tel: +44 (0) 20 7299 4212; Evolution Securities Limited: Simon Edwards, Chris Sim, Neil Elliot, Tel: +44 (0) 20 7071 4300; Pelham Public Relations: Charles Vivian, James MacFarlane, Tel: +44 (0) 20 7337 1500
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