01/04/2010 The London Stock Exchange welcomes Bellzone Mining plc to the AIM Market
The London Stock Exchange would like to welcome Bellzone Mining plc (‘BZM’) to AIM today.
Bellzone aims to become a significant iron ore producer by developing a 50 million tonne per annum operation at its 100% owned 2.4 billion tonne (JORC classification) Kalia iron project in Guinea, West Africa. In parallel, Bellzone Infrastructure Limited, a 100% owned subsidiary, has been set up to facilitate the development, funding and operations of a 286km rail, port and power infrastructure for the Kalia project.
The Company has raised approximately £33.6 million (US$50 million) before expenses by way of a placing of 96,000,000 new Ordinary Shares at 35 pence per share, giving it a market capitalisation of approximately £185 million (US$275 million) on Admission. The money raised will be used to further develop estimates of the potential of its assets, upgrading and achieving additional JORC magnetite and direct shipping ore (oxide) resource classification, in addition to completing long lead items of the bankable feasibility study (“BFS”).
Canaccord Adams Limited acted as Bellzone’s Nominated Advisor, joint broker and joint bookrunner and Renaissance Capital Limited acted as joint broker and joint bookrunner.
Commenting today, Nik Zuks, Managing Director, said: “We are delighted to welcome a number of quality institutions to our share register following our successful admission to AIM. This funding will enable us to upgrade and achieve additional JORC resource classification and commence a BFS at our Kalia project, which we believe has the potential to host more than 13 billion tonnes of magnetite ore and 2.9 billion tonnes of oxide.”