L and M to raise capital

Press, 4 February 1987, Page 38

L and M to raise capital

PA Wellington L and M Mining, Ltd, plans to raise its authorised share capital to 100 million ordinary 50c shares as part of its restructuring as a minerals resource house.

Shareholder approval to increase its capital will be sought at an extraordinary general meeting in Wellington on February 11, L and M said yesterday. The planned increase is to allow the integration of the minerals division of the Newmans Group, Ltd, with L and M Mining. L and M Mining plans to issue 12.6 million fully paid shares at a premium to Newmans in consideration for Newmans diversified mining interests which include the processing and marketing of

non-metallic minerals along with agriculture high technology. The company’s alluvial gold recovery activities on the West Coast and in Otago will continue as a division of the new company, L and M said. Shareholder approval will also be sought to increase the size of the board of directors to ten to reflect the expanded nature of the company. As well as the licences already being worked, L and M Mining holds a number of prospecting licences that are being evaluated, including the possibility of hard rock mining. L and M also said it is negotiating the sale of its alluvial mining and other technologies to overseas customers.