LONG TERM STRATEGIC INVESTOR, RDV CORPORATION, TO BOLSTER AMARA VIA SHARE PURCHASE AGREEMENT WITH AMLIB HOLDINGS PLC
LONDON, UNITED KINGDOM -- (Marketwired - Nov 7, 2013) - Amara Mining plc ("Amara" or "the Company") (TSX:AMZ, AIM:AMA), the AIM listed West African focused gold mining company, is pleased to announce that it has entered into a legally binding, conditional share purchase agreement (the "Agreement") with Amlib Holdings plc ("Amlib") pursuant to which the Company will acquire US$10 million cash, a drilling operation and three Liberian exploration licences (the "Transaction") for an aggregate value of US$11.0 million.
Amlib is a privately held gold exploration company with RDV Corporation ("RDV") as majority shareholder. RDV has invested in Amlib since 1999 and regards the Transaction as the optimal path to pursue its West African gold investment strategy. The experience of Amara's exploration team can assist to deliver maximum value from the Liberian assets, whilst Amlib's shareholders will benefit from exposure to Amara's broader growth portfolio. In addition to the three exploration licences, Amara will benefit from lower costs for its ongoing exploration across the region by utilising the drilling assets of Amlib (which have a net book value of US$1.6 million), together with the support of a new strategic shareholder in RDV.
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Amara Mining plc +44 (0)20 7398 1420 John McGloin, Chairman Peter Spivey, Chief Executive Officer Pete Gardner, Finance Director Katharine Sutton, Head of Investor Relations
Canaccord Genuity Limited +44 (0)20 7523 8000 (Nominated Adviser & Broker, London) Neil Elliot Chris Fincken Joe Weaving
Bell Pottinger - Pelham +44 (0)20 7861 3232 (Financial Public Relations) Charlie Vivian James Macfarlane
This information is provided by RNS The company news service from the London Stock Exchange
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LONG TERM STRATEGIC INVESTOR, RDV CORPORATION, TO BOLSTER AMARA VIA SHARE PURCHASE AGREEMENT WITH AMLIB HOLDINGS PLC
