London Mining has confirmed that the only strategic investors now remaining in the process are those whose proposals are not expected to contemplate the continuation of the company as a going concern. Separately, Reuters cited a single source stating India's third-largest steelmaker, JSW Steel, was nearing a deal to buy London Mining. London Mining's shares rose 203.23% to 4.7p on the news. Returning to London Mining's comment, it said that as previously announced talks were ongoing with potential strategic investors about structures which the board believed would result in little or no value in the equity of the company but the talks with the investor which might have resulted in little value in the equity have ended. As a consequence the directors have requested the immediate suspension of the trading on AIM of the ordinary shares and trading on Channel Islands Securities Exchange of the convertible bonds. It is anticipated that further funding in to the Sierra Leone operation and potentially other development assets would be provided by a strategic investor if the discussions are successful.
If I've deciphered that ridiculously complicated RNS, it sounds positive to me ! and the BOD are just covering their arses
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