14th Sep 2015 16:21
LONDON (Alliance News) - Cluff Natural Resources PLC Tuesday said it has delayed the admission of the 7.8 million shares in its second placing which, with the first placing, would raise a total of GBP2.2 million.
The AIM-listed natural resources investing company issued 44.2 million shares at 4.25 pence each in a placing in April and said it would place a second tranche of 7.8 million shares at the same price on September 11.
However, on Monday the company said that it has had to delay the second placing and will make a further announcement in due course.
Cluff said in April that around GBP1.4 million of the net proceeds from the placing would be used to develop its Kincardine coal project in the Firth of Forth in Scotland, with the remainder to be used for working capital purposes.
Shares in Cluff closed down 6.7% at 3.50 pence on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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