North Adelaide, SA Australia (PressExposure) June 16, 2011 -- Astra Mining, an Australian diversified mining company, has confirmed its intention to list on the Frankfurt Stock Exchange at an Extraordinary General Meeting held today.
A resolution was passed that will see the shareholders in Astra Mining roll their shares into Astra Resources PLC, a UK public listed company, and seek a listing date.
The listing is unconditional and a listing date will be chosen to maximise the share price, expected between 18th July and 31st August 2011.
The time frame will also enable the directors to deliver an additional increase in the value of the shares by raising capital prior to the listing so as to create a more successful IPO.
Astra CEO, Dr Jaydeep Biswas, says the move is designed to ensure the company is able to continue to successfully operate on a global scale and comes at a pivotal point in time.
"Astra has a number of interests in the resources sector spanning four continents and our listing on one of the world's largest trading exchanges gives the company incredible exposure and access to 35 percent of the world's investment capital," Dr. Biswas says.
"We're on the cusp of concluding our interests in several projects including joint ventures to produce gold and coal which will both add enormous value to the equity base of the company.
"We are also developing positions in high-grade iron ore mining and trading which puts us in a unique low-cost supply position for the steel manufacturing industry which we are also heavily involved in.
"As such we believe we should use this momentum to list to create further forward trajectory for the company which will allow us to become a leading worldwide resources group."
The company first signalled its intentions in early May with an announcement it had signed a listing agreement with two corporate advisory firms to assist with the admission process.
The EGM's other resolutions include a share swap on a one-for-one basis for every share held by the shareholders in Astra Mining in exchange for one founders' share in Astra Resources PLC, and that these shares issued in Astra Resources PLC would be held in escrow for 12 months.
Shareholders also approved the appointment of Dr. Biswas and Ms Silvana De Cianni as directors of Astra Resources PLC and for the company to expand its current business activities from the operation of steel, iron ore, coal, gold and mining house services to include additional activities of oil, gas, energy, environmental and health services and the provision of all raw materials used in the process and products of steel making.
Corporate advisors GEBO Equity Management and Stepping Stone Equity have been retained to manage the Frankfurt Stock Exchange listing.
Founded over 400 years ago, Deutsche Borse's Frankfurt Stock Exchange is the world's third largest trading exchange, ranking only behind the New York Stock Exchange (NYSE) and NASDAQ, and is home to public companies from more than 80 different countries.
Astra Resources' global portfolio will include gold and tin interests in south east Asia and southern India, coal mines in Australia and Africa, iron ore in India and Africa, and the production of a new high-strength steel technology.