24th Jan 2014 09:36
LONDON (Alliance News) - CEB Resources PLC Friday said it has raised gross proceeds of GBP369,750 through a share placing of 52.8 million shares at 0.70 pence per share.
The mining projects investments company, previously called Clean Energy Brazil, said that in connection with the placing it will enter into a warrant instrument in which the company will issue one warrant share with every two placing shares, exercisable at 1.00 pence per share.
The company said the funds will be used to assess new investment opportunities for the company, including an option to earn into 49% of the Australian Peelwood Zinc-Copper project by spending AUD1.2 million via three tranches, with an initial tranche of AUD400,000 for a 20% interest, announced in December.
Peelwood is an advanced zinc-copper project owned 100% by ASX-listed Balamara Resources Ltd and holds a total combined indicated and inferred resource of 895,000 tonnes at 3.94% zinc, 0.8% copper, 0.73% lead and 16 grams per tonne of silver.
CEB Resources shares were down 11% to 0.780 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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