aim resources is running, page-14

Thanks to Danc from SS for this.

December 31, 2007 - 1:36 p.m.
SYDNEY - AIM Resources Ltd. (AIM:AIMR), an Australian company seeking a listing on the Toronto Stock Exchange, has withdrawn a proposed offering of convertible debentures after errors were found in the prospectus submitted to Ontario's securities regulator.

The company's shares dropped more than 11 per cent on the London Stock Exchange's AIM market, down 0.63 at 4.88 pence in early-afternoon trading. On the Australian Stock Exchange, the shares were down one cent at 11.5 cents Aus.

AIM Resources had originally intended sell up to A$50 million worth of debentures due Dec. 19, 2012. Toronto-based Westwind Partners Inc. was lead agent for a syndicate that includes Cormark Securities Inc. and MGI Securities Inc.



AIM later reduced the offering to a A$25-million convertible debenture paying interest of 9.75 annual interest and convertible into ordinary AIM Resources shares at a price of 22 cents Australian each.

The funds were to be used for development of the Perkoa zinc mine in Burkina Faso in western Africa. The company said Monday it has A$80 million in available cash and is continuing development work at Perkoa.

But the firm said it recently found significant errors in the "independent persons report" required under Canada's National Instrument 43-101, which sets the standard for reporting on resource estimates.

Because of those errors, AIM has withdrawn the debenture offering originally announced Nov. 13.

"Future financing initiatives will be reconsidered when the detailed analysis of the Independent Persons Report has been completed, which is expected to be within the next four weeks," AIM said in its announcement.

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