12th Mar 2014 10:45
LONDON (Alliance News) - Armadale Capital PLC Wednesday announced a share placing of 375 million shares in the company at a price of 0.14 pence per share to raise GBP525,000.
The AIM-quoted investment company, focused on natural resource projects in Africa, said the proceeds of the placing will be used for the development of its Mpokoto Gold Project in the Katanga Province of the Democratic Republic of the Congo as well as further potential investment opportunities.
Mpokoto has a current total mineral resource of 510,000 ounces of gold from 11.2 million tonnes of ore at 1.42 grams per tonne of gold at a cut-off grade of 0.5 grams per tonne, and the company shortly expects results from a scoping study at the site to define the next steps to be taken including a further drilling programme and additional metallurgical studies at the site.
Armadale Capital shares were down 2.7% to 0.139 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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