28 May 2008
Dwyka Resources Limited
('Dwyka' or the 'Company')
Successful capital raising of
GBP10.3m (A$21.3m)
The directors of Dwyka are pleased to announce that
the Company has successfully completed a capital raising of GBP10.3m (A$21.3m)
to finance its interests in the Daguma and Bonanza Coal Projects and related
exploration and development costs.
On 7 May 2008 the Company announced that it has
entered into an option giving it the ability to acquire an interest in the
Daguma and Bonanza coal deposits located on the Philippines island of Mindanao
(collectively, the 'Project'), and a funding requirement to finance acquisition
and other costs.
Pursuant to the terms of a placing agreement, Ambrian
Partners Limited as broker to the Company has conditionally placed 39,745,500
fully paid ordinary shares (the 'Placing Shares') at a placing price of 26
pence per Placing Share with selected institutional investors to raise gross
proceeds of approximately �10.3 million (A$21.3 million) (the 'Placing').
The proceeds of the Placing will primarily be used to
fund Project costs including initial option exercise expenses to give Dwyka a
30% interest in the Project, costs related to further exploration and drilling,
equipment purchases and staffing.
Commitments have been received in respect of all of
the Placing Shares. The Placing is conditional on inter alia, the approval of
the Company's shareholders in general meeting and the admission of the Placing
Shares to trading on the AIM Market of the London Stock Exchange. Dwyka will
release an explanatory notice of meeting (as required by the ASX) containing
resolutions to approve the Placing in due course.
Dwyka CEO Melissa Sturgess,
commenting on the Placing, said:
"We are absolutely delighted with the level of
interest shown in the Daguma and Bonanza Coal Projects. The financing has
closed ahead of the scheduled time and we look forward to bringing shareholders
early news of our progress on this project."
For further information please contact:
Melissa Sturgess
Dwyka Resources Limited
(+44) (0)78 2555 1397 or melissa@dwyresources.com
In United
Kingdom
Richard Brown
Richard Greenfield
Ambrian Partners Limited
(+44) (0)20 7634 4700
Press enquiries
Charlie Geller or Leesa Peters
Conduit
PR
(+44)
(0)20 7429 6604/ (+44) (0)79 7006 7320
Or
visit: http://www.dwyresources.com
Notes to editors:
Dwyka is focusing on the diversified minerals sector
in order to achieve maximum value for shareholders during the ongoing resource
boom.
In addition to the coal opportunity announced by the
Company on 7 May 2008, Dwyka's focus is primarily on nickel and gold.
Nickel
To that end, Dwyka has a major nickel
exploration project underway in Burundi,
as well as an exciting gold
exploration programme in Swaziland.
Dwyka acquired all of the shares in Danyland Limited ('Danyland'), the owner of
the Muremera Nickel Project in Burundi,
Africa, in January 2007. The Muremera
project is located within one of the world's principal nickel provinces, only 2
kilometres from, almost adjacent to and in the same geological sequence as, the
giant Xstrata/Barrick Kabanga deposit in Tanzania.
The Kabanga deposit is thought to be the world's
largest undeveloped nickel sulphide deposit and has similar geophysical
anomalies to those at Muremera. An exploration permit has been granted in
relation to Muremera and access for exploration activities is good. The
project's prospectivity has led to a commitment from BHP Billiton to spend at
least US$5.2 million as part of sole funding arrangements to earn up to a 50%
interest in Danyland.
Gold
Pursuant to a Shareholders and Earn-in Agreement dated
16 July 2007, Dwyka has the right to earn up to a 90% interest in Swaziland
Gold (Pty) Ltd ('SwaziGold'), which in turn owns the Swazigold Project in Swaziland,
Africa. The project is a large (435
square kilometre) gold exploration play in the highly prospective Archaean
Barberton Greenstone Belt in Swaziland,
historically a producer of 11.5 million ounces of gold.
In the Barberton Greenstone Belt, extensive, shallow,
historic workings, plus a lack of modern exploration, have presented Dwyka with
an ideal opportunity. Previous owners drilled some 13,500 metres of the
project area, providing the Company with a drill database that includes
numerous gold intersections. These have allowed Dwyka to establish
immediate targets for both infill drilling and the development of extensions to
established zones of mineralization. In the current favourable resources
climate, it is believed that Dwyka's gold exploration activities will
accelerate.
Diamonds
Dwyka has a shareholding of 48.2% in KimCor Diamonds
Plc, an AIM-listed diamond explorer and producer with a portfolio of projects
in Southern Africa.
Kind regards
Tamara Bolik
Dwyka Resources Limited
98 Colin Street
West Perth WA
6005
Phone: +618 9324
2955
Fax: +618 9324
2977
Email: tamara@dwyresources.com
Website: www.dwyresources.com
|
THIS EMAIL IS PRIVATE - This message is the property
of the sender. Information herein is confidential and may be legally
privileged. It is intended solely for the addressee. Access to this email by
anyone else is unauthorized. If you are not the intended recipient,
disclosure, copying, distribution or any action taken or omitted to be taken
in reliance on it, is prohibited and may be unlawful. If you have received
this email in error please notify the sender immediately via e-mail to: tamara@dwyresources.com. No responsibility is taken for any damages or loss
that may be caused by viruses resulting from this e-mail or its attachments.
It is strongly recommended recipients check all files with an up-to-date virus
program.
|
![]()