re: Ann: AMX WELCOMES TAURUS FUNDS MANAGEMENT... From DJnewwires:
Ampella Mining Welcomes Taurus As Significant Investor
20/04/2012 10:57AM
MELBOURNE (Dow Jones)--Possible bid target Ampella Mining Ltd. (AMX.AU) on Friday welcomed Taurus Funds Management as a cornerstone investor after the resources-focused investment company grabbed a 7.2% stake in a recent share placement.
Paul Kitto, managing director of the Perth-based gold explorer, in a statement said the participation in the fund raising of Taurus was a vote of confidence in Ampella's projects and development strategies.
Ampella in February raised A$47 million before costs with the placement of about 36.1 million shares, boosting its cash balance to more than A$60 million to be used toward exploration and feasibility studies. It said Taurus holds more than 17 million shares.
After receiving further requests from gold companies for information for due diligence, Ampella earlier this month said it had instructed Macquarie Capital and Gresham Advisory Partners to begin a process to test whether any of the unnamed parties was willing to make an offer that was attractive enough to win the support of Ampella's board. It said at the time the process was likely to take two to three months, and that it wouldn't provide further information until a final position was known.
Ampella, which has a market capitalization of roughly A$254 million, is exploring for gold in Burkino Faso. It has 10 exploration permits covering almost 2,000 square kilometers on its four main projects in the west African country, according to its website.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; [email protected]
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