Result of WEGA EGM


 

TIDMAVM 
 
RNS Number : 4062R 
Avocet Mining PLC 
29 April 2009 
 

Avocet Mining PLC 
 
 
RESULT OF WEGA EGM 
 
 
Avocet Mining PLC (AIM: AVM) ('Avocet' or the 'Company') notes the announcement 
made today by Wega Mining ASA ('Wega') confirming that the general meeting of 
Wega shareholders held today has approved the terms of the convertible loan 
agreement entered into between Avocet and Wega (the 'Convertible Loan 
Agreement') as announced on 14 April 2009. 
 
 
Under the Convertible Loan Agreement Avocet will provide a further US$25 million 
of interim funding to Wega by the issue of a secured loan, convertible into Wega 
Shares at a price of NOK 0.55 per Wega Share. The advancement of funds by the 
Company pursuant to the Convertible Loan Agreement remains subject 
to satisfaction of all other conditions precedent therein, including inter alia: 
 
 
  *  The consent of Macquarie Bank; and 
 
  *  The security arrangements described in the announcement of 14 April 2009 being 
  duly perfected. 
 
 
 
The Company is working with all relevant parties to ensure satisfaction of these 
conditions in a timely manner. 
 
 
A further announcement will be made in due course. 
 
 
 
 
+------------------+---------------------+------------------+--------------------------+---------------+ 
| For further information please         |                  |                          |               | 
| contact:                               |                  |                          |               | 
+----------------------------------------+------------------+--------------------------+---------------+ 
| Avocet Mining    | Buchanan            | Ambrian Partners | J.P. Morgan              | First         | 
| PLC              | Communications      | Limited          | Cazenove                 | Securities    | 
+------------------+---------------------+------------------+--------------------------+---------------+ 
|                  | Financial PR        | Financial        | Lead Broker and          | Norwegian     | 
|                  | Consultants         | Adviser, NOMAD   | Joint Financial          | Financial     | 
|                  |                     | and Joint Broker | Adviser                  | Adviser       | 
+------------------+---------------------+------------------+--------------------------+---------------+ 
| Jonathan Henry,  | Bobby Morse         | Richard Brown    | Michael                  | Geir Lie      | 
| CEO              |                     |                  | Wentworth-Stanley        |               | 
+------------------+---------------------+------------------+--------------------------+---------------+ 
| Mike Norris,     | Ben Willey          | Richard          | Sam Critchlow            | Stein Hansen  | 
| Finance Director |                     | Greenfield       |                          |               | 
+------------------+---------------------+------------------+--------------------------+---------------+ 
|                  | Katharine Sutton    | Andrew Craig     |                          | Eirik         | 
|                  |                     |                  |                          | Lilledahl     | 
+------------------+---------------------+------------------+--------------------------+---------------+ 
| +44 (0) 20 7907  | +44 (0) 20 7466     | +44 (0) 20 7634  | +44 (0) 20 7588          | +47 2323 8000 | 
| 9000             | 5000                | 4700             | 2828                     |               | 
+------------------+---------------------+------------------+--------------------------+---------------+ 
| www.avocet.co.uk | www.buchanan.uk.com | www.ambrian.com  | www.jpmorgancazenove.com | www.first.no  | 
+------------------+---------------------+------------------+--------------------------+---------------+ 
 
 
 
 
Notes to Editors 
On 14 April 2009, Avocet and Wega jointly announced that they had entered into a 
legally binding transaction agreement pursuant to which Avocet intends to make a 
pre-conditional, recommended share for share public exchange offer for the 
entire issued share capital of Wega. In order to provide interim funding for the 
continued development of Wega's flagship Inata Gold Project in Burkina Faso, and 
in addition to entering into the Convertible Loan Agreement, Avocet subscribed 
for 61,409,091 Wega shares on 14 April for consideration of approximately US$5 
million. 
Avocet is a mining company listed on the AIM market of the London Stock Exchange 
(Ticker: AVM). The Company's principal activities are gold mining and 
exploration in Malaysia (as 100 per cent owner of the Penjom mine, the country's 
largest gold producer), and Indonesia (as 80 per cent owner of the North Lanut 
gold mine and Bakan project in North Sulawesi). The Company has a number of 
other advanced mining and exploration projects in South East Asia. 
 
 
Wega is an Oslo based international mining company focused on exploring, 
developing and operating gold deposits. The company currently operates in 
Guinea, Burkina Faso, and Mali. Wega trades on Oslo Axess (Ticker: WEMI). 
 
 
Wega's main asset is the Inata Gold Project in northern Burkina Faso, West 
Africa, of which Wega became the owner as a result of the acquisition of 
Goldbelt Resources in 2007. The Inata Gold Project is currently under 
construction, with first gold production expected in Q3 2009, and full steady 
state production in FY2011. Inata will produce greater than 120,000 ounces of 
gold over an initial 7 year mine life. Wega's other assets include 27 
exploration licences in Burkina Faso, Guinea and Mali, the Koulekoun gold 
exploration project in Guinea, a 58.1 per cent interest in TSX Venture Exchange 
listed Merit Mining Corp and a 36.2 per cent interest in base metals company, 
Metalica Mining AS. 
 
 
 
 
Ambrian Partners Limited (which is regulated in the UK by the Financial Services 
Authority) is acting exclusively for Avocet Mining as financial adviser, 
nominated adviser and broker and no one else (including the recipients of this 
announcement) in connection with the arrangements described in this announcement 
and will not be responsible to anyone other than the Company for providing the 
protections afforded to customers of Ambrian Partners Limited or for advising 
any other person in connection with the arrangements described in this 
announcement. Ambrian Partners Limited makes no representation, express or 
implied, with respect to the accuracy or completeness of any information 
contained in this announcement and accepts no responsibility for, nor does it 
authorise, the contents of, or the issue of this announcement, or any other 
statement made or purported to be made by the Company, or on its behalf, in 
connection with the Company or any or the other arrangements described in this 
announcement and accordingly disclaims all and any liability whatsoever whether 
arising out of tort, contract or otherwise which it might otherwise have in 
respect of this announcement or any other statement. 
 
 
J.P. Morgan Cazenove Limited ("J.P. Morgan Cazenove") (which is regulated in the 
UK by the Financial Services Authority) is acting exclusively for Avocet 
Mining as financial adviser and broker and no one else (including the recipients 
of this announcement) in connection with the arrangements described in this 
announcement and will not be responsible to anyone other than the Company for 
providing the protections afforded to customers of J.P. Morgan Cazenove or for 
advising any other person in connection with the arrangements described in this 
announcement. J.P. Morgan Cazenove makes no representation, express or implied, 
with respect to the accuracy or completeness of any information contained in 
this announcement and accepts no responsibility for, nor does it authorise, the 
contents of, or the issue of this announcement, or any other statement made or 
purported to be made by the Company, or on its behalf, in connection with the 
Company or any or the other arrangements described in this announcement and 
accordingly disclaims all and any liability whatsoever whether arising out of 
tort, contract or otherwise which it might otherwise have in respect of this 
announcement or any other statement. 
 
 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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