01/08/2011 The London Stock Exchange welcomes China Africa Resources plc to AIM
The London Stock Exchange today welcomes China Africa Resources plc on its first day of trading on the AIM Market of the London Stock Exchange.
China Africa Resources plc ("CAR" or the "Company") (AIM: CAF) is an exploration and mining company established for the purpose of exploring and developing mining assets in Africa and China.
Incorporated in August 2010 by agreement of Weatherly International plc ("Weatherly") (AIM: WTI) and subsidiaries of East China Mineral Exploration and Development Bureau ("ECE"), and signed in June 2011 in the presence of Prime Minister, David Cameron and Chinese Premier, Wen Jiabao, Weatherly contributed its Berg Aukas mine in Northern Namibia to CAR with ECE’s initial contribution to CAR being a capital injection of £4.8 million.
The market capitalisation on listing is £9.2m comprising 23,076,924 ordinary 1p shares at 40p.
Yi Shao, non-executive chairman, commented:
"We are delighted to list the Company on the London Stock Exchange AIM market and look forward to developing the Berg Aukas mine in Namibia as soon as possible. CAR is an exciting new company with great prospects for the future."
Rod Webster, chief executive officer, said:
"Whilst the immediate focus of the Company is the development of the Berg Aukas Project, CAR's overall strategy is to build a profitable and widely based resource business and the Directors expect this to include the acquisition of additional assets from Weatherly, ECE or third parties."
Ambrian Partners Limited is the Nominated Adviser and broker to the Company.