NICOSIA, CYPRUS--(Marketwired - Nov 2, 2015) - Atalaya Mining plc (AIM: ATYM) (TSX: AYM)
AIM: ATYM; TSX: AYM
02 November 2015
Atalaya Mining plc
("Atalaya" or the "Company")
Receipt of Claim from Astor Management AG
The Company announces that it is in receipt of a formal claim from Astor Management AG ("Astor") (the "Claim"). The Claim is being made in the High Court of Justice in London against the Company and certain of its subsidiaries (the "Group"). The Claim arises out of the issues previously notified to the market, particularly within the announcement made on 28 May 2015 and as disclosed in the notes to the Company's financial statements. As set out in the Company's financial statements, in September 2008, the Group moved to 100% ownership of EMED Tartessus (and thus full ownership of Proyecto Riotinto) by acquiring the remaining 49% of the issued capital of EMED Tartessus. The cost of the acquisition was satisfied by issuing 39,140,000 ordinary shares to MRI Trading AG ("MRI") at an issue price of 21p per ordinary share and a deferred cash settlement of EUR 53 million (including consideration for the assignment of loans of EUR 9,116,617.30 owed to companies related to MRI incurred in relation to the operation of Proyecto Riotinto) and up to a further EUR 15,900,000 depending upon the price of copper ("Deferred Consideration"),. The obligation to pay the Deferred Consideration is subject to the satisfaction of the following conditions (the "Conditions"): (a) all authorisations to restart mining activities in Proyecto Riotinto having been granted by the Junta de Andalucía ("Permit Approval"); and (b) the Group securing a senior debt finance facility for a sum sufficient to restart mining operations at Proyecto Riotinto ("Senior Debt Facility") and being able to draw down funds under the Senior Debt Facility.
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Enquiries:
| Atalaya Mining plc |
|
Roger Davey/ |
+34 959 59 28 50 |
| |
|
Alberto Lavandeira |
|
| Canaccord Genuity (Nomad and Broker) |
|
Henry Fitzgerald-O'Connor/ |
+44 207 523 8000 |
| |
|
Oliver Donaldson |
|
| Brandon Hill Capital (Broker) |
|
Oliver Stansfield |
+44 203 463 5061 |
| 4C Communications (Investor Relations Europe) |
|
Carina Corbett |
+44 203 170 7973 |
| Roth Investor Relations (Investor Relations North America) |
|
Michelle Roth |
+1 732 792 2200 |
| Walbrook PR (Media Relations) |
|
Nick Rome |
+44 207 933 8783 |
This information is provided by RNS
The company news service from the London Stock Exchange