AIM Resources cancels A$25 million private placement of convertibles

By Devika Patel

Knoxville, Tenn., Dec. 31 - AIM Resources Ltd. said it is cancelling a A$25 million private placement of convertible debentures. The deal priced for A$50 million on Nov. 12 and was downsized on Dec. 3.

AIM said the cancellation was due to errors found on its independent qualified persons report on the company's Perkoa zinc project in Burkina Faso filed with the Canadian regulatory authorities. The company said it is investigating the errors and conducting a detailed analysis of the report's financial assumptions and projections, in order to clarify the report's financial integrity.

AIM is a mineral exploration company based in Sydney, Australia.

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