CEY is a gold mining company operating in Egypt. It was ordered by the Egyptian Government to stop drilling pending a legal dispute brought against the company by a government minister.

Since then, the whole Government cabinet was replaced a few months ago and the minister now in charge of Mining is believed to be positive on Western investment in the country. CEY are pushing for this minister to allow them to continue drilling ASAP; investers are waiting....patiently.

As soon as the company gets the go-ahead to continue drilling, the share price will move north; CEY has plenty of gold in this mine and it is (apparantly) the case of "raking" it out rather than drilling for it!

Check them out...worthy of a punt.

lol.,.

as long as gold continues its upward trend, i shall probably continue to hold

cynic

Have you any share's in MML ? RNS out today.

CEY up 5p in oz , so i have been told

Took profit. If it should go below 170p, will re-enter.

Hanging on to mine for a few days longer on the basis that uncertainty usually gives gold a boost - but must admit the current profit is tempting.

CENTAMIN EGYPT ANNOUNCES A PROPOSED PLACING OF APPROXIMATELY 51.5 MILLION NEW ORDINARY SHARES



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER STATE OR JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO



Centamin Egypt Limited, dual listed on the London Stock Exchange (LSE:CEY) and the Toronto Stock Exchange (TSX:CEE) (the "Company" or "Centamin"), today announces that it has entered into arrangements to issue approximately 51.5 million new ordinary shares in the capital of the Company (or Depositary Interests representing such ordinary shares) with BofA Merrill Lynch and Stifel, Nicolaus & Company, Incorporated ("Stifel Nicolaus") who will seek to place such shares (the "Placing Shares") with institutional investors pursuant to an accelerated bookbuild, non pre-emptive underwritten placing (the "Placing"). The Placing Shares will represent approximately 5.0 per cent. of the Company's existing issued ordinary share capital and will be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange plc's main market for listed securities.



With the development of Sukari progressing well, Centamin intends to use the net proceeds of the offering for general corporate and working capital purposes as it pursues its growth strategy in the region.



BofA Merrill Lynch is acting as sole bookrunner to the Placing. Stifel Nicolaus is acting as co-lead manager to the Placing. The price at which the Placing Shares will be issued (the "Placing Price") will be announced by the Company as soon as practicable hereafter.



The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of the Company ("Ordinary Shares"), including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares.



The Company will apply for: admission of the Placing Shares to the Official List of the UK Listing Authority; trading on the London Stock Exchange plc's main market for listed securities; and the approval of the Toronto Stock Exchange ("Admission"). It is expected that Admission will take place and that trading in the Placing Shares will commence on or about 14 December 2010.



The issue of the Placing Shares is conditional upon Admission becoming effective and the Placing Agreement between the Company, BofA Merrill Lynch and Stifel Nicolaus becoming unconditional and not being terminated.



The Appendix to this announcement (which forms part of this announcement) sets out the terms and conditions of the Placing.

What's the placing price ?...can't see it anywhere .....not in but considering...

Placing price to be announced later - also considering.

you could do a lot worse ..... rather better than just a promising gold junior

No sign of placing price......depends on that...trouble is this does not move a lot but is a steady eddy nevertheless...

Further dilution for existing shareholders can't be good news. With a p/e already over 200 and no firm reason given for the need for more capital no wonder the share price is dropping. Sold my holding 2 days ago and now very glad.

It's a bookbuilding process so it will be decided during the morning.

Based on current price, I would expect it to be close to current levels.

.. and in fact if it is at present levels then it consolidates it's price so certainly not the time to be bailing out kernow.

I accept the point DD - but CEY is making money, has no dedicated reason to need capital "Centamin intends to use the net proceeds of the offering for general corporate and working capital purposes as it pursues its growth strategy in the region." Something doesn't smell right to me .... Fortunately if I'm wrong I'm able to buy back in @ 10p less but content to watch for now.

Take my word for it, you won't be able to get back in.

That's the whole point of this market. In many stocks, particularly small ones, there is currently no market in them. It is only when a price rises and it confuses people as to what is going to happen next, that the sp will continue to rise because there are then buyers and sellers so the price starts to rise and in some cases uncontrollably.

On of the things I have learnt is that if you sell it's nearly impossible to get back in because you never know where the sp is going to go. As far as CEY goes I would think that the sp will not drop as low as you think it is but will then stay stuck for some time at these levels. Hence now you're out, unless you're prepared to invest over the long period, then you'll proably won't get back in.

Not sure I understand that, dd. I have never had a problem buying CEY on Selftrade. Maybe the spread is sometimes a bit discouraging, but stock always seems to be available.

This is a very large market cap..?....can't get back in ?...nonsense....more than a billion pounds in value...?....

And it looks like a short at the moment until more details are released.

What did I say ?...diving now.....