Mongolian Resource Corporation Welcomes ARM as Significant Shareholder
Emerging Mongolian gold producer, Mongolian Resource Corporation (ASX: MUB) ("MRC or the Company") is pleased to welcome the Andrew Roberts Family Office ("ARM") as a substantial shareholder.
ARM has taken a placement in MRC (9.6%) by way of new shares issued as follows:
6,150,000 shares issued at 12 cents
7,080,000 shares issued at 15 cents
For a total of 13,230,000 shares for A$1.8 million to MRC.
Combined with the issue of the new shares, ARM has also taken a further 6,150,000 shares from another company associated with the Chairman of MRC Mr Jargalsaikhan. This share sale along with the issues of the new shares will bring ARM interest in MRC to 14.1% of the shares on issue.
ARM Principal, Mr Andrew Roberts commented "We are excited to be participating in the fast growing mining market of Mongolia via an investment in MRC that assists the Company to reach its gold production targets this year and to grow production into the future."
MRC Chairman Mr Naidensuren Jargalsaikhan welcomed the new substantial shareholder "The participation of a prestigious group such as AR Management, is a strong vote of confidence in the quality of MRC's projects and personnel.
The Board looks forward to building its partnership with ARM to execute its near term objectives of getting to gold production, establishing a JORC resource, and delivering cash flow to MUB shareholders. We also look forward to working with ARM to consider other Mongolian acquisition opportunities currently available to our Group."
About AR Management
ARM is a private investment group with a substantial investment portfolio comprising international and domestic equities, direct and indirect property and alternative assets including global hedge funds, venture capital and private equity investments across a broad spectrum of industries and likes to invest for a suitable period to enable companies they invest in to grow their business.
For more information:
Tony Bainbridge
Managing Director
Mongolian Resources Corporation
T: +976 7011 1799
Competent Person. In this report, the information concerning Mongolian operations that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Tony Bainbridge, who is Managing Director of Mongolian Resource Corporation Ltd and is a member of The Australasian Institute of Mining and Metallurgy. Mr Bainbridge has sufficient experience which is relevant to the mineralisation and type of deposit under consideration and to the activity, which he is undertaking, to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Tony Bainbridge consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Forward Looking Statements. All statements, other than statements of historical fact, in this news release are forward looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Mongolian Resource Corporation (MRC). There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.
ARM has taken a placement in MRC (9.6%) by way of new shares issued as follows:
6,150,000 shares issued at 12 cents
7,080,000 shares issued at 15 cents
For a total of 13,230,000 shares for A$1.8 million to MRC.
Combined with the issue of the new shares, ARM has also taken a further 6,150,000 shares from another company associated with the Chairman of MRC Mr Jargalsaikhan. This share sale along with the issues of the new shares will bring ARM interest in MRC to 14.1% of the shares on issue.
ARM Principal, Mr Andrew Roberts commented "We are excited to be participating in the fast growing mining market of Mongolia via an investment in MRC that assists the Company to reach its gold production targets this year and to grow production into the future."
MRC Chairman Mr Naidensuren Jargalsaikhan welcomed the new substantial shareholder "The participation of a prestigious group such as AR Management, is a strong vote of confidence in the quality of MRC's projects and personnel.
The Board looks forward to building its partnership with ARM to execute its near term objectives of getting to gold production, establishing a JORC resource, and delivering cash flow to MUB shareholders. We also look forward to working with ARM to consider other Mongolian acquisition opportunities currently available to our Group."
About AR Management
ARM is a private investment group with a substantial investment portfolio comprising international and domestic equities, direct and indirect property and alternative assets including global hedge funds, venture capital and private equity investments across a broad spectrum of industries and likes to invest for a suitable period to enable companies they invest in to grow their business.
For more information:
Tony Bainbridge
Managing Director
Mongolian Resources Corporation
T: +976 7011 1799
Competent Person. In this report, the information concerning Mongolian operations that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Tony Bainbridge, who is Managing Director of Mongolian Resource Corporation Ltd and is a member of The Australasian Institute of Mining and Metallurgy. Mr Bainbridge has sufficient experience which is relevant to the mineralisation and type of deposit under consideration and to the activity, which he is undertaking, to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Tony Bainbridge consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Forward Looking Statements. All statements, other than statements of historical fact, in this news release are forward looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Mongolian Resource Corporation (MRC). There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.
MRC assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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