18th Jan 2017 09:29
LONDON (Alliance News) - Natural resources investment company Armadale Capital PLC said Wednesday it has raised GBP650,000 in a share placing.
Armadale said it placed 26.0 million shares at 2.5 pence per share with new and existing shareholders in the UK and Australia. The funds will be used for working capital requirements, said the company.
Shares in Armadale were trading flat at 3.00 pence Wednesday morning.
Armadale's primary asset is its Mahenge Liandu graphite project in Tanzania.
"Over recent months Armadale has implemented a comprehensive cost reduction programme and I am happy to say that these funds should see the company through to H2 2017, whilst we evaluate and prepare our exploration and development plan for the Mahenge Liandu Project in Tanzania," said William Frewen, chairman of Armadale.
"Importantly, it is worth noting that all three members of the board have participated in this placing, which both highlights our enthusiasm for the Mahenge Liandu Project and underlines our confidence in its value accretion potential moving forward," added Frewen.
By Adam Clark; [email protected]
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