Medusa Mining Limited

Medusa Mining Limited

March 08, 2010 09:30 ET

Medusa Mining Limited: Bonus Issue of Shares

COMO, WESTERN AUSTRALIA--(Marketwire - March 8, 2010) - Medusa Mining Limited (TSX:MLL)(ASX:MML)(AIM:MML) ("Medusa" or the "Company"), is pleased to announce a one for ten bonus issue of shares to all shareholders of the Company.

The Company has achieved several significant milestones in the last calendar year and the bonus issue is in recognition of the invaluable support the Company has received from its shareholders. In addition, it is envisaged that the bonus issue will encourage greater liquidity in Medusa shares.

The bonus shares will be issued for nil consideration and will be distributed on a pro rata basis of one new ordinary share for every ten ordinary shares held by existing shareholders at 7.00 pm (AEDT) on 19 March 2010, being the Record Date. The shares will be quoted on an "ex" entitlement basis from 15 March 2010 (16 March 2010 on the TSX). Where a shareholder's total entitlement includes an entitlement to a fraction of a share, that entitlement will be rounded down to the nearest whole number of shares.

Principal terms and conditions of the bonus issue are as follows:

· Class of securities to be issued      : fully paid ordinary shares
· Number of securities to be issued      : approximately 17,038,196 ordinary shares
· Issue price of securities      : nil consideration
· Date securities quoted on an "ex" basis      :15 March 2010 (16 March 2010 on the TSX)
· Record date to determine entitlement      :19 March 2010
· Despatch date      :31 March 2010

The terms applicable to Medusa's unlisted options will be adjusted in accordance with the ASX Listing Rules to reflect the bonus issue. An Appendix 3B in relation to the bonus issue is attached.

Geoff Davis, Managing Director of Medusa, commented:

"The Board is extremely pleased to be in a position to reward shareholders as a result of the Company having rapidly expanded its production over the last 12 months and having met all targets on time. This is indeed a great achievement by our team in the Philippines, and as one of the lowest cost producers in the world with expectations of an expanding resource base, Medusa has now set itself up for a long and productive future."

ABN: 60 099 377 849

Contact Information

  • Australia:
    Medusa Mining Limited
    Geoffrey Davis, Managing Director
    +61 8 9367 0601
    Medusa Mining Limited
    Roy Daniel, Finance Director
    +61 8 9367 0601
    United Kingdom:
    Fairfax I.S. PLC
    Nominated Adviser and Broker
    Ewan Leggat/Laura Littley
    +44 (0)20 7598 5368
    Lothbury Financial
    Michael Padley/Libby Moss
    +44 (0)20 7011 9411
    Nicholas Sayce, Investor Relations
    +1 416 822 4404