OXR oxiana limited

Oxiana Article makes a great read.

  1. 3,449 Posts.
    AFR RE OXR 20/04
    Board heavyweights worth every ounce for Oxiana
    Apr 20

    Oxiana Resources got off to a flying start this year, being the gold sector's best performer during January.

    It is attracting the market's attention as well as receiving some heavyweight support from within industry ranks.

    During the week, the company appointed three board members with long experience in the mining industry. Rio Tinto executive Barry Cusack, who is retiring from the mining major, Peter Cassidy, who ran Goldfields until its merger with Delta Gold to form Aurion Gold, and Rothschild's long-time campaigner Ronny Beevor.

    Tenacious managing director Owen Hegarty says the strengthened board is another step in developing one of the most important resources projects in South-East Asia - the Sepon gold/copper project in Laos.

    The board appointments follow Oxiana raising $10million by placing 40million shares with Australian and United Kingdom institutional investors.

    The issue price was 25¢ per share and for each four new shares issued, one September 2002 listed Oxiana option was granted. The placement is subject to shareholder approval at the May 29 annual general meeting.

    The stock was trading at 28¢ on Friday.

    The issue, arranged by Wilson HTM Corporate Finance as lead manager and Peake Lands Kirwan as co-manager, introduced a number of major Australian institutions to the register.

    The funds will be applied to the Sepon gold project before the drawdown of debt financing being arranged by International Finance Corp, the private financing arm of the World Bank.

    Oxiana owns 80 per cent of the Sepon project but the previous majority owner, Rio Tinto, retains a 20 per cent interest with clawback arrangements if the project grows in scale.

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Currently unlisted public company.

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