LONDON, UNITED KINGDOM--(Marketwire - Dec 13, 2012) - Amara Mining plc (AMA.L)(AMZ.TO) (formerly Cluff Gold plc) ("Amara" or "the Company"), the dual AIM and TSX-listed West African focused gold mining company, announces that at a meeting of the Company held on 12 December 2012, it was agreed that the non-executive directors of Amara (Messrs Hendrik Faul, Peter Cowley and Geoff Stanley) would each be issued with new ordinary shares of 1p each in the Company ("Ordinary Shares") to the value of £5,000, in accordance with the terms of their individual letters of appointment.
In total, 23,529 new Ordinary Shares have been issued at a price of 63.75p, being the closing mid-market price on 11 December 2012.
The details of each director''s interest are set out below:
|Non-Executive Director||Shares Issued||Previous Holding||New Holding||Percentage of |
Enlarged Share Capital (%)
Pursuant to the above issue of shares, the Company has made application to the London Stock Exchange for 23,529 new Ordinary Shares to be admitted to trading on AIM ("Admission"). The Company will also apply to the Toronto Stock Exchange ("TSX") in order for the new Ordinary Shares to be listed for trading on the TSX. The listing of the new Ordinary Shares on the TSX is subject to TSX approval. It is expected that Admission will become effective on 21 December 2012.
Following Admission, the total issued share capital of the Company will be 168,113,466 Ordinary Shares, all of which have voting rights.
The above figure 168,113,466 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of Amara under the FSA''s Disclosure and Transparency Rules.
About Amara Mining plc
Amara (formerly Cluff Gold) is a gold developer-producer with assets in West Africa. The Company generates significant cash flow through its Kalsaka gold mine in Burkina Faso, where the production profile has been enhanced by the recent acquisition of the neighbouring Sega project. Amara remains focused on its objective of becoming a mid-tier producer through the development of its Baomahun project in Sierra Leone and its Yaoure project in Côte d''Ivoire. With its experience of bringing new mines into production and a project pipeline spanning Burkina Faso, Côte d''Ivoire and Mali, Amara aims to further increase its production profile with its highly prospective exploration work across all assets.
This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.
All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, production estimates and future objectives of Amara, are forward-looking information that involve various risks and uncertainties. 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. Important factors that could cause actual results to differ materially from Amara''s expectations include, among others, risks related to international operations, the actual results of current exploration and drilling activities, the results of the Baomahun feasibility study, changes in project parameters as plans continue to be refined as well as the future price of gold. Although Amara has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Amara does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.