15th Sep 2015 16:15
LONDON (Alliance News) - The following is a summary of director dealings reported in London on Tuesday.
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North River Resources said it will raise USD2.8 million through an open offer and placing of shares at 0.2 pence each, as part of its near-term financing plan to raise GBP4 million in total, with four of its directors participating in the placing subscribing for approximately GBP134,000 in shares.
The AIM-quoted resource company has already received USD1.2 million from the issue of convertible loan notes to shareholder Greenstone Resources LP, which Greenstone will convert into ordinary shares if the open offer and placing raise the remaining GBP2.8 million, meaning there will be no drawdown under the underwriting facility.
North River said that under the open offer two shares will be offered for every three existing ordinary shares held and that four board member have committed to subscribing for about 67 million shares.
Chief Executive James Beams is taking 48.6 million shares, alongside non-executive directors Brett Richards 3.2 million, Keith Marshall 10 million, and Ken Sangster 5 million.
The funds from the final amount will be used to progress its flagship Namib lead-zinc project in Namibia to a construction decision, the company said.
"Thanks to the support received from shareholders for the placing and open offer, we are pleased to commence this process which will see institutions, private investors and the company's directors aligned in our goal of delivering a robust, construction-ready lead-zinc project in Namibia. We look forward to completing this raising and updating shareholders accordingly," Beams said in a statement.
The stock closed down 8.8% at 0.187p Tuesday.
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F&C Private Equity Trust said Non-Executive Director John Rafferty bought 3,000 shares at a price of 226.95p per share. Following this transaction, Rafferty holds 35,000 shares, which represents 0.049% stake in the trust. The stock closed up 0.1% at 227.75p Tuesday.
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Mwana Africa said Non-Executive Director Scott Morrison bought 7 million shares at a price of 0.92p per share last Wednesday. The purchase is his only holding in the company after being appointed in June. The mining stock closed up 1.1% at 0.960p Tuesday.
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By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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