21st Dec 2016 08:13
LONDON (Alliance News) - Aurum Mining PLC said Wednesday it is launching a conditional share placing to raise up to GBP6.0 million as it prepares to shift from the mining sector to investing in UK cyber security companies.
Aurum said it intends to place up to 150.0 million shares at a price of 4.00 pence per share, in order to raise proceeds to fund its initial pipeline of acquisition targets in the UK cyber security market.
The price is a discount of approximately 30% to the closing price of Aurum shares on Tuesday.
Shares in Aurum Mining were down 8.1% at 5.28p in early trading Wednesday.
The company also said it will change its name to Shearwater Group PLC, subject to shareholder approval in January, and divest its existing mining assets over the coming months.
"We now have a team with substantial experience of operating within the technology, defence, cyber, information security and communication sectors, and a track record of delivering shareholder value through accelerated buy and build processes. This is an exciting time for the company," said David Williams, chairman of Aurum Mining.
By Adam Clark; [email protected]
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