Fundy Minerals
LSE : FUND

September 27, 2010 10:12 ET

Withdrawal From Trading on PLUS

                                        FUNDY MINERALS LTD
                                                 
                                    ("Fundy" or "the Company")
                                                 
                                           (PLUS: FUND)
                                                 
                                  Withdrawal from trading on PLUS

The  Board  of  Fundy announces the Company's intention to withdraw its securities from  the  PLUS
Market ("PLUS") in accordance with Rule 81 of the PLUS Rules for Issuers ("Rules").

Reasons for the withdrawal

The  Company was admitted to PLUS in 2005 with the expectation that this would provide the Company
with  access  to  capital  and  facilitate the execution of the  Company's  strategy;  namely  the
exploration  of  mineral  properties. Subsequent to the admission, the Company  has  proceeded  on
several  mineral exploration projects in accordance with this strategy.  However, in recent  times
it has not proved possible for the Company to raise further funds on PLUS. At this juncture, Fundy
does not have the capital to continue meeting the burden of maintaining a listing on PLUS.

The  Directors  have  been  considering, for some time, the merits of  maintaining  the  Company's
securities on PLUS and have concluded that the costs and administrative requirements outweigh  the
benefits. Consequently, at a Board Meeting on 24 September 2010, the Directors unanimously  agreed
that  the  best  strategy for the Company is to focus on and develop its existing  business  as  a
private company.

The Directors strongly believe that for the reasons referred to above, withdrawing from trading on
PLUS is in the best interests of the Company and its shareholders.

Alternative arrangements for dealing in Fundy's securities

Fundy  is  negotiating with J. P. Jenkins as an alternative arrangement for  the  dealing  in  the
Company's securities following its withdrawal from PLUS.

Other information

Under  the  PLUS  rules, Fundy is required to give shareholders a period of 10  business  days  to
object to the intended withdrawal of its securities from the PLUS market.  Any shareholder wishing
to raise an objection should contact PLUS in confidence by 12 October 2010.

Accordingly, it is expected that the Company's securities will be withdrawn from PLUS with  effect
from 16:30 on 13 October 2010.


The Directors of the Company accept responsibility for this announcement.
                                                 
                                             --ENDS--

For further information:
Fundy Minerals Ltd                                     Tel: +44(0)207.669.4479
Jeff Michel
Email: info@fundyminerals.com

Daniel Stewart & Company Plc                           Tel. 020 7776 6550
Oliver Rigby

Contact Information

  • Fundy Minerals