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HONG KONG, May 10, 2010 - (ACN Newswire) - Sino Prosper State Gold Resources Holdings Limited ("Sino Prosper" or the "Group"; HK:0766), a Chinese precious metals miner and producer, announced that its previously disclosed placing has been completed and 2,888 million placing shares were issued at HK$0.19 per share. The placing was made entirely to institutional investors, including FIL Investment Management (Hong Kong) Limited (Fidelity), Och-Ziff Capital Management Hong Kong Limited, Invesco Hong Kong Limited and a number of other major international and Hong Kong funds. The placing has significantly broadened the institutional investor shareholder base (to approximately 43% of shareholders) and strengthened the financial position of the Group.
Net proceeds of approximately HK$529 million will be used for (i) completion of the previously announced acquisition of the AoHanQi XinRuiEn Gold Mine in Inner Mongolia, China (ii) expansion and upgrading of AoHanQi from a current processing rate of 50 tonnes per day (and production of ~5,200 ounces of gold) to 1,000 tonnes/day; (iii) for further exploration and resource expansion; and, (iv) for working capital and possible future acquisitions.
Mr Richard Sung, CEO of Sino Prosper, said, "It is our honour to have renowned institutional investors as our shareholders after the placing. This indicates that market's recognition of the Group's strategy in its developing precious metals mining business. The placing enhances the Group;'s financial position to support the expected rapid growth of our production, cash flow and resources."
In addition, the Group has announced the appointment of Mr Garry Stein as the Director of Corporate Development of Sino Prosper with effective from 1 May 2010. In his new position Mr Stein is responsible for the Group's strategic planning, acquisitions, performance monitoring, governance and capital markets activities. To support the Group's development as a significant participant in the Chinese precious metals industry, an international Advisory Committee has been established to provide oversight and guidance to the Board and executive management. The initial members of the Advisory Committee are Mr Stewart Winter, Mr Steve Vaughan, two highly experienced and regarded industry participants. Their biographies, outlining their exceptional track records are contained in the announcement filed by the Group. Mr Garry Stein will act as Chair of the Advisory Board.
The Group also announced on 4 May 2010, the granting of options to subscribe for its shares to the members of the Advisory Committee, a Director and some members of the senior management of the Group. The options are to be earned over a 27-month period and have an exercise price of HK$0.30 per share, reflecting the Group's desire to align the interests of management with that of shareholders and to provide a significant incentive to enhance share value.
Mr Sung commented, "The Board believes that Mr Stein and the members of the Advisory Committee, with their experience and international perspective, will provide professional advice to the Group as it plans and prepares for substantial growth of its business in the future. Regarding the options granted, we hope to give the market a positive message about our optimistic view of our future and our commitment to shareholders. We will continue to enhance our strengths and accelerate the development of our precious metals mining business in the PRC."
Contact:
Sino Prosper State Gold Resources Holdings Limited
Mr Garry Stein
Director, Corporate Development
Tel: +852-2877-2789
E-mail: garrystein@sinoprosper.com
Quam IR
Ms Anita Wan
Tel: +852-2217-2687
E-mail: anita.wan@quamgroup.com
Ms Sharon Au
Tel: +852-2217-2680
E-mail: sharon.au@quamgroup.com
Ms Venus Lam
Tel: +852-2217-2909
E-mail: venus.lam@quamgroup.com
Topic: Press release summary
Source: Sino Prosper State Gold Resources
Sectors: Metals & Mining, Daily Finance
http://www.acnnewswire.com
From the Asia Corporate News Network
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