csm places 20.5 mln shares at $1.23 raising $25.25

ASX Code: CSM
Article Title: Consolidated Minerals Places 20.5 Mln Shares at $1.23 Raising $25.25 Mln
Date Written: 15/03/2004
Time Written: 11:24:04
Type: Digest
Class: Australian equities

Consolidated Minerals today announced a 15 per cent share placement to UK institutional investors. The placement, to UK-based institutions, comprises 20.5 million shares at an issue price of $1.23 (GBP 0.50 at $2.4636 = GBP 1) per share to raise A$25.25 million (GBP 10.25 million), and was arranged by London-based Numis Securities and independent investment bank RFC Corporate Finance. After the issue of the placement shares, Consolidated will have on issue 174.6 million shares, 12.5 million listed convertible notes and 4.5 million unlisted options. Settlement of the placement is scheduled for Monday, 22 March 2004, and the placement is subject, inter alia, to admission of the new shares to trading on the ASX, the London AIM Market and the Frankfurt Stock Exchange in Germany, which is expected to occur on that date. The new shares will not participate in Consolidated's recently announced 3 cent per share fully franked interim dividend. Consolidated recently announced plans for an estimated A$5 million expansion of its Woodie Woodie Manganese Mine in the Pilbara region, to increase production above the current 600,000 tonnes per annum level.