20th Apr 2015 08:36
LONDON (Alliance News) - Gold miner Amara Mining PLC on Monday said it has secured a deal with the World Bank's International Finance Corp to invest USD10 million in the business by way of a share subscription.
Under the terms of the deal, the IFC will invest USD10 million in Amara for 16 pence per share, meaning it will be issued 62.5 million shares.
Amara said the investment will further strengthen its financial position as it works to advance the Yaoure gold project in the Ivory Coast. Following the deal, Amara will be fully-funded to the end of 2016, it said.
"The board has carefully considered the merits of a strategic investment by IFC, and we have concluded that it is in the best interest of Amara's shareholders. IFC is renowned for conducting stringent due diligence before making an investment and gaining this approval acts as a strong endorsement for Yaoure's technical and socio-environmental standards," said John McGloin, Chairman and Chief Executive of Amara.
Amara shares were down 1.6% to 15.5 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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