15th Jan 2016 08:31
LONDON (Alliance News) - BMR Mining PLC on Friday said it is seeking to raise up to about GBP750,000 through an open offer.
The Zambian-focused mineral processing business said it will offer one share for every six already held by shareholders.
The open offer comes after a placing in October 28, following which the company said it would make a similar amount of new shares available to shareholders on the same terms, including with reference to warrants. The October placing raised GBP750,000 through the issue of about 18.8 million shares at 4.0 pence each, with about 67% of the money raised from Switzerland-headquartered asset manager Lexinta Group.
Citing its current share price, the company said it will offer up to 25.1 million new shares at 3.0p each to raise the money. For each new share subscribed, shareholders will receive one warrant to subscribe for a further new share at an exercise price of 7.0p per share.
The open offer, which is being handled by WH Ireland, is not underwritten.
Shares in BMR were down 10% at 3.25p on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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