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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	NMR
Latest Price:	0.05 (4.35% )
52-week High:	0.10
52-week Low:	0.03
Market Cap:	10.96M

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Nimrodel Resources

Nimrodel Resources (ASX: NMR) is an international exploration company focused on precious metals projects in Kyrgyzstan and Australia, along with coal in Botswana.

Nimrodel Resources placement funds to be used for further gold and uranium exploration

Wednesday, November 04, 2009

Nimrodel Resources (ASX:NMR) will be raising a minimum of $500,000 via a placement to professional and sophisticated investors to continue with its gold and uranium exploration programs in Krygz and Queensland.

The Company will be placing a minimum of 6,250,000 new shares at $0.08 per share plus 3,125,000 new options on the basis of one option for every two new shares subject to shareholder approval to be considered at the general meeting on 4 November 2009.

The option will be exercisable at $0.10 on or before 30 April 2011 and will be unlisted. The issue of the 6,250,000 new shares will increase the ordinary shares on issue to 98,830,336.

Managing director John Hebenton said the successful completion of this raising will set the Company on a firm financial base and allow for re-commencement of accelerated and aggressive exploration drilling programs on all of the Company’s assets.

“We have already started a short pre winter drilling program at the Tyuz Ash gold lease in Kyrgyz, we are currently looking to secure a rig to drill the priority anomalies on our Batken uranium tenements in Kyrgyz and we have recently completed a 750 soil surface sampling program at our Buckaroo gold-copper asset in Australia which will lead to a RAB drilling program once the assays have been received and analysed,” he said.

The Company is offering its current shareholders the opportunity to participate in a Rights Issue. The Rights Issue will enable all shareholders to acquire one new share at $0.08 for every two shares held on the Record Date together with a free attaching option on the basis of one option for every two new shares acquired under the Rights Issue Prospectus.

These options will be listed, subject to regulatory approvals, and be exercisable at $0.10 on or before 30 April 2011.

The fees payable to members of the Board have been significantly reduced, in keeping with a company of its size and cognizance of the current market conditions. The overall annualized savings amount to $115,000.

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