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African Minerals continues to expand financially
News Date: 22nd March 2011

One of the leading mining companies in Africa based in Sierra Leone, African Minerals, has continued its financial expansion to meet its goals in the coming years.

After selling thousands of shares to China Railways beginning this year, the company has thought it fit to put more shares on the market to enhance its financial stability and expansion.

Last week, 66,667 new common shares of US$0.01 each were issued and allotted pursuant to the exercise of share options.

The company made the application for the new common shares to be admitted to trading and these will rank pari passu with the company’s existing common shares. Admission of the new common to African Minerals was expected at the end of last week.

Subsequent to the issuance of these new common shares, African Minerals will have 327,649,124 common shares in issue.

This decision was taken at the end of last Year during the company’s Annual General Meeting where the authorised share capital of the company increased from US$3,600,000 divided into 350,000,000 common shares of per value US$0.01 each common shares and 100,000,000 preferred shares to US$5,100,000 by creation of 150,000,000 common shares of per value US$0.01 each, Such shares are being subject to the Bye-laws and ranking pari passu in all respects with the existing common shares of the company.

The company has been doing well by meeting its target on the ground and also fulfilling its financial obligations to the government. Recently they paid taxes amounting to millions of Dollars.

Work in Tonkolili is at an advanced stage due to the availability of labour and materials in all stages. They have always focused on ensuring that the best people in the Industry are onboard to manage the company’s growth as they accelerate development through production. Today they are delighted to have successfully recruited key individuals with specialist experience, guiding the Company from iron ore explorer to major iron ore producer in the world.

Source: www.awokonews

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