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TEAL Exploration & Mining completes US$42.5 million initial public offering

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Overview

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TEAL Exploration & Mining

TEAL Exploration & Mining Incorporated ("TEAL") completed the initial public offering and listing on the Toronto Stock Exchange of its common shares on November 15, 2005. The gross proceeds of the offering, including the proceeds raised in connection with the closing on December 14, 2005 of an over-allotment option, was approximately $42.5 million. The underwriters of TEAL's initial public offering were RBC Dominion Securities Inc. and Haywood Securities Inc. The proceeds from the offering will be applied by TEAL to fund the development of four mineral projects located in Namibia, Zambia and the Democratic Republic of Congo. These projects were acquired from African Rainbow Minerals Limited ("ARM") contemporaneously with the closing of the initial public offering. ARM, a leading South African diversified black economic empowered mineral resources company, holds approximately 64.9% of TEAL's outstanding common shares. TEAL was represented in Canada and South Africa by Fasken Martineau DuMoulin LLP with a team that was led by Al Gourley and included Georges Dubé and Steve Saville in securities law matters and Alyson D'Oyley, Dimitri Cavvadas and Louise Vaillancourt-Châtillon in corporate and mining law matters.

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