14th Mar 2014 08:04
LONDON (Alliance News) - Astar Minerals PLC Friday said it has raised GBP1.05 million in a placing, a transaction that needs shareholder consent at a general meeting the company will hold March 31.
Earlier this week, the company had said it was in talks about raising new funds and said it expected to raise about GBP1 million at the current market price. It didn't give any details of the price Friday or the number of shares issued.
It has said that the funding will be used to enable it to pursue its current policy of investing in the natural resources sector. It expects to look more closely at oil and gas opportunities within the oil and gas sector in Mexico, which is currently undergoing major reforms.
Paternoster Resources PLC, an investment company with a stake in Astra, noted the announcement.
Astar shares were up 2.2% at 0.1175 pence early Friday. Paternoster last traded at 0.325 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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