3rd Mar 2014 11:37
LONDON (Alliance News) - Amedeo Resources PLC Monday said it has raised about GBP5.2 million through a share subscription and placing, money it will use to pay its share of a new rig building yard in China and for expanding the activities of its ferrous metals and ore trading asset.
In a statement, the investment company said it raised about GBP3 million through a subscription by Malaysia-based fund Mena Global Investments 1 Ltd for 300.5 million new shares at 1 pence each. It raised the rest through a placing of 221.3 million shares at the same price.
Amedeo, which focuses its investments on the resources sector, said the money will be used to fund the obligation that YZJ Offshore Engineering PTE Ltd has for a stake in a new offshore rig building yard. Amedeo has a 46.5% stake in YZJ. It will also be used to boost the activities of MGR Resources PTE Ltd, the wholesale trader of ferrous metals and ore in which Amedeo has a 49% stake.
Amedeo shares were down 9.3% at 1.02 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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