17th Mar 2015 09:27
LONDON (Alliance News) - Cluff Natural Resources PLC on Tuesday said it has conditionally raised GBP2.2 million via a placing and subscription.
The fundraising comprises the issue of 52 million shares at 4.25 pence each, with 44.2 million to be placed in the first tranche on April 15 and 7.8 million to be placed in a second tranche on September 11. Shares in Cluff were untraded on Tuesday morning, having last traded at 4.40 pence.
Cluff said around GBP1.4 million of the net proceeds from the placing will 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.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
CLNR.L