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JINCHUAN NICKEL MOVES TO 11% OF ALLEGIANCE BY $38M PLACEMENT.
(Full text of a statement. Contact details below.)
Jinchuan Nickel Moves To 11% Of Allegiance By $38m Placement
SYDNEY, May 1 /Medianet International-AsiaNet/ --
Allegiance Mining NL (Allegiance) is pleased to announce that it has entered into two agreements (Agreements) with Jinchuan Group Limited (Jinchuan) under which:
* Jinchuan will subscribe for 48,123,044 fully paid ordinary shares in Allegiance (New Shares) at an issue price of A$0.80 (80 cents) per share to raise A$38,498,435.
* The issue of shares will extinguish all obligations under Jinchuans A$5 Million Subordinated Loan and thereby extinguish that loan.
* Jinchuan will own a total of 11.03% of the issued shares in Allegiance.
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