interesting developments today. picked up 500K, still have 77K outstanding...
they've now put some details re:AIM listing
""Monto plans to raise up to GBP17,500,000 through the listing""
as we know Ambrian Brokers are now in Aust looking at the project in preparation for prospectus.
plus considering consolidation of shares 1:10, this would mean approx 50mm shares after consolidation. that makes it a very tight register..share price approx 40 odd cents
another point that caught my attention is they've been working very hard over the past year or so putting together this project.
if it wasn't worth the effort surely they would have walked aways ages ago.
as usual D.Y.O.R
regards
28 February 2006 ASX ANNOUNCEMENT Countdown to Production……… MONTO TO DUAL LIST ON AIM Monto Minerals Limited (Monto) proposes to list on the Alternative Investment Market (AIM) in London and to raise up to GBP17,500,000 from private placements of shares to UK and European institutional investors to complete the funding of the company’s Goondicum Industrial Minerals project in central Queensland. Announcing this today Monto Chairman, Mr Peter Slaughter, said: “An AIM listing together with the recently announced proposed investment in the project by leading international minerals resources investor The Sentient Group will represent a landmark development in building Monto into a significant international industrial minerals company.” The project, to produce feldspar, ilmenite and apatite for export and domestic Australian markets, is scheduled for commissioning in December 2006. In addition, testing by the Australian Coal Industry Research Laboratory of a 5 tonne bulk sample of titano-magnetite, a potential high margin fourth product, for coal washing will commence early next month. This sample has been produced from operations at Monto’s recently recommissioned trial processing plant. ”A dual AIM-ASX listing will provide substantial advantages for the company and shareholders,” Mr Slaughter said. “It will enable us to achieve the final stage in the development of the Goondicum project. “The new listing will heighten international exposure of the company. AIM admission is expected to increase the demand for existing Monto shares, attract institutional support and increase market liquidity for the stock,” he said. Monto plans to raise up to GBP17,500,000 through the listing. Using an estimated exchange rate of 0.428 pounds to one Australian dollar, this would generate up to $AUD40,887,850 before costs. The share capital is intended to be raised through private placements to institutional investors in the United Kingdom and Europe. The issue price will be determined closer to the publication of an admission document in the United Kingdom. Monto will put the proposed institutional share placement (to take place at the same time as the admission to AIM) to shareholders at a meeting to be convened in early April. Further details of the proposal will be included with the notice of meeting scheduled to be sent to shareholders in early March. Website: www.montominerals.com
2 The funds will be used in construction of a processing plant and associated infrastructure at the Goondicum site to enable production at the throughput rate of 1.5 million tonnes per annum in year 1. The funding will also provide for construction of washing facilities and product handling in Gladstone and working capital. The company has appointed Ambrian Partners Limited (Ambrian) as the Nominated Advisor for the AIM admission and has also retained Ambrian as the broker for the placement in the United Kingdom and Europe. At the forthcoming shareholder meeting in early April, Monto shareholders will also be asked to approve a consolidation of the company’s shares and options on the basis of 1 share for every 10 shares currently held. By Order of the Board DANIEL HUFF Company Secretary
MOO Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
