OPEN OFFER OVERSUBSCRIBED RESULT OF GENERAL MEETING DIRECTORS’ HOLDINGS

OPEN OFFER OVERSUBSCRIBED RESULT OF GENERAL MEETING DIRECTORS’ HOLDINGS

  • Open Offer oversubscribed
  • Offer maximum of Euro 2.499 million (£2,136,700) raised and 53,417,500 Offer Shares issued
  • Placing of 30,804,500 new Ordinary Shares at 4p per share completed, raising £1.2 million before expenses
  • Proceeds of the Placing and Offer to fund work on African Eagle's feasibility study of the Dutwa Nickel Project and for general working capital
  • Directors subscribed for 250,000 shares in the Open Offer

The Board  of African  Eagle Resources  plc is pleased  to announce that its Placing and Open Offer have been successfully completed, with all resolutions at the General Meeting of the Company held on 6 August being duly passed.

The Company is delighted  to report that the  Open Offer to  Eligible Shareholders, which  closed at  11am  yesterday  was oversubscribed.  After scaling back, the Offer raised Euro 2,499,939, equivalent to £2,136,700 at the then ruling exchange rate of 1.17.

Euro to £1, and accordingly, 53,417,500 Offer Shares have been issued at a price of 4p each.

Also, the placing by Seymour Pierce of 30,804,500 new Ordinary Shares with new and existing investors at a price of 4p each, raising  gross proceeds of approximately £1.2 million,  has now been completed.

Application has been  made for  admission to  trading on  AIM of  the Placing Shares and  the Offer  Shares and  this is  expected to  take place this morning. Application has  also been made for admission  to trading on AltX of the Placing  Shares and the Offer Shares and  this is expected to take place on 11 August.

Following the issue of these new Ordinary Shares there are 296,762,128 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, African Eagle under the FSA's Disclosure and Transparency Rules.

Mark Parker, Managing  Director of African  Eagle commented, 'We are delighted with the support shown  by our shareholders and by  leading institutional investors. Their commitment  is a clear endorsement of the quality of the Company's  prospective nickel laterite project at Dutwa and our experienced executive and operational teams. We were very keen to give as many of our shareholders as possible the opportunity to take part in this fundraising and we are  therefore delighted with the fantastic take up of the Open Offer. In order to be able to make the Open Offer, we had to work through a raft of complex rules and regulations and we pay tribute to the guidance and support of our advisers throughout  this process, which ensured  that we were able to include as many shareholders as possible, whilst keeping costs to a minimum.'

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