African Minerals Completes £80M Underwritten Private Placement

On February 11, 2010, African Minerals Limited, the mineral exploration and development company with significant iron ore and base metal interests in Sierra Leone, West Africa and listed on the AIM stock exchange, completed a private placement to raise gross proceeds of £80 million ($130.2 million).

A total of 20,000,000 new common shares were placed with institutional investors in Canada, the United States, and overseas.

Dundee Securities Corporation, GMP Securities L.P., Macquarie Capital Markets Canada Ltd. and Mirabaud Securities LLP acted as the underwriters for the offering.

African Minerals was guided by in-house counsel Ian Dickson. In Canada, African Minerals was represented by Cathy Singer, Andrew Bleau and Andrea Brewer (securities) of Ogilvy Renault LLP. In the United Kingdom, African Minerals was represented by Christopher Duffy, Gary Thorpe and Ian Hopkinson of Clyde & Co LLP. In Bermuda, African Minerals was represented by Roderick Forrest of Wakefield Quin Limited.

The underwriters were, collectively, represented by Stikeman Elliott LLP in London, England with a team including Derek Linfield and Andrea Crum-Ewing and in Toronto by Jay Kellerman and Amanda Willett. Brian Blugerman of Conyers Dill & Pearman represented the underwriters in Bermuda.

Lawyer(s)

Andrea Brewer Andrea Crum-Ewing Amanda Willett Andrew Bleau Cathy Singer Brian M. Blugerman Jay C. Kellerman

Firm(s)

Norton Rose Fulbright Canada LLP Clyde & Co Stikeman Elliott LLP Conyers Dill & Pearman