Amur Minerals seeks new share allotment approval, in active financing talks

Amur Minerals Corporation (AIM: AMC) is seeking shareholder approval for issue 50 million shares to raise additional working capital in order to fund the 2010 field season including surface sampling of the main Kun Manie deposit in Russia and continue internal project optimisation studies.

Amur said it is in active discussions with a range of sources of funds and it wishes to be in a position to conclude the fundraising and issue shares as soon as possible. It is  therefore convening an EGM for 22 February, for the board to have the authority to allot the shares quickly once suitable investors are found.

Previously at Amur’s AGM on 15 September 2009, the shareholders voted in favour of allotting up to 120 million shares. However a resolution to disapply pre-emption rights was not approved and the company could not continue with the proposal. The latest proposal to allot 50 million share allotment would not be subject to pre-emption rights.

The company filed its mining license application for the flagship Kun-Manie copper and nickel project in December. The company has already secured the certificate of discovery from the government back in April 2009, which allowed it to apply for a mining permit, and has secured approval for cobalt, platinum and palladium by-products for all three deposits. The GKZ (The Russian State Committee on Reserves) estimate is for 3,960 tonnes of cobalt, 189,400 ounces of platinum and 213,800 ounces of palladium for the three deposits at Kun-Manie.
Shares in the Eastern Europe focused mineral explorer were last changing hands a 6.125p per share.  http://www.proactiveinvestors.co.uk/companies/news/12839/amur-minerals-seeks-new-share-allotment-approval-in-active-financing-talks-12839.html