25 January 2012
Globe to undertake share buy backGlobe Metals & Mining Limited ("Globe" or "the Company"; ASX: GBE) is pleased to advise that, subject to obtaining various regulatory approvals, it will undertake an on-market buy back of up to approximately 5% of its issued capital, at a price of no more than $0.23 per share.
Highlights• On-market buy back of up to 10,080, 674 shares (approx. 5% of issued capital)
• Up to a maximum price of $0.23 per share
• Subject to approval of ASIC, ASX and FIRB; shareholder approval not required
• $39.2 million cash at bank (@ Dec. 2011) - equates to cash backing of $0.18 per share
Globe's Managing Director, Mr. Mark Sumich, commented "Globe's current share price does not reflect its intrinsic value, let alone its cash backing. Accordingly, given our strong cash position and the relatively small amount of cash required to undertake the buy back, the Board considers this to be a very appropriate use of our funds."
Comments:• Buy back cannot commence until all regulatory approvals obtained.
• Globe to have the discretion, not the obligation, to buy back its shares at any given time.
• Foreign Investment Review Board (FIRB) approval required, as the buy back will result in a small increase in ECE's shareholding in Globe.
• ASIC/ASX - Following FIRB approval being granted, Globe will lodge ASIC Form 281 and Appendix 3C with the ASX, detailing all relevant information required by both bodies. Fourteen days after lodgement of these documents, Globe will be able to commence buying shares on market. On any given day where shares are bought under the Buy Back, an Appendix 3E will be lodged with the ASX the following business day before the commencement of trading.
About Globe Metals & Mining
Globe is an African-focused resource company, specialising in
rare metals such as niobium, tantalum and rare earths, as
well as other commodities including fluorite, uranium and
zircon. Its main focus is the multi-commodity Kanyika Niobium
Project in Malawi, Africa, a key additive in sophisticated
steels.
Globe also has a number of other projects at an earlier stage
of development: it is earning up to an 80% interest in the
Machinga Rare Earth Project in southern Malawi, and the
Company can earn up to a 90% interest in the Mount Muambe REE
- Fluorite Project in Mozambique. Initial drill programs on
both projects were undertaken in 2010.
Globe's corporate head office in Perth, Australia is
supported by regional offices in Lilongwe, Malawi, as well as
Maputo and Tete, Mozambique. The Company has been listed on
the ASX since December
2005 (Code: GBE).
In April 2011, the Company entered into a strategic
partnership with East China Minerals Exploration and
Development Bureau (ECE), a Chinese State Owned Enterprise
with extensive mining operations in China and overseas. ECE
is now the largest shareholder in Globe, and a key partner
for Globe's growth ambitions in Africa.
Mark Sumich
Managing Director
t: +61 8 9327 0700
e: mark.sumich@globemetalsandmining.com.au
Skye Gilligan
Marketing Manager
t: +61 8 9327 0703
e: skye.gilligan@globemetalsandmining.com.au
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