Sydney, May 1, 2008 AEST (ABN Newswire) - The Board of Tamaya Resources Limited (ASX:TMR)(PINK:TMAYF) is pleased to announce a Share Purchase Plan (SPP) for shareholders on the register of members at the record date of 30 April 2008.
New shares under the SPP will be issued at 11.5 cents per share, a 12% discount to the closing share price on 30 April 2008 and 15% discount to the volume weighted average share price for the 5 trading days to 30 April 2008. Shareholders will incur no brokerage costs.
You may apply for a parcel of up to 43,479 shares at 11.5 cents per share (ie a maximum of $5,000.00 in value) as shown on the enclosed application form.
This is an opportunity for shareholders to take advantage of prevailing market conditions and the current undervaluation of the stock and to participate in the company's future growth, and follows the recent resource upgrade, increased production ("Project 3000") and exploration success in Chile.
The Board believes this to be an effective means of raising funds to further expand production capacity at the Punitaqui operations, to accelerate the development of the advanced exploration project pipeline at Dalmacia and Filipina Grande in Chile and for general working capital. In Chile, by delivering "Project 3000", the management team at Punitaqui have achieved 3,000 tonnes per day from the underground section at Cinabrio; through transportation, crushing then milling. The focus now moves to sustainability and to look ahead to plan for "Project 4000".
The SPP will allow also shareholders to acquire shares at a discount at a time when Tamaya has delivered successive increases in annual profits and is set to benefit from strong production growth in Chile and increasing cash flows during a period of buoyant copper prices.
If you wish to participate, please contact the undersigned.
The timetable for the offer of shares under the SPP is as follows:
-----------------------------------------------------Date Event-----------------------------------------------------Wednesday 30 April 2008 Record date (for determining entitlements under SPP)Tuesday 6 May 2008 SPP opensMonday 26 May 2008 SPP closes at 5.00pm ESTThursday 29 May 2008 Allotment of sharesMonday 2 June 2008 Allotment notices dispatched to shareholders-----------------------------------------------------
Contact
Hugh Callaghan
Executive Chairman
Tamaya Resources Limited
Media:
Fortbridge
Bill Kemmery
Tel: +61 (0) 400 122 449
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