28th May 2015 15:47
LONDON (Alliance News) - EMED Mining Public Ltd said Thursday it is proposing to raise up to GBP64.9 million through a subscription, placing and open offer of up to 1.37 billion new shares at 4.75 pence per share in order to finance its Rio Tinto Copper Project in Spain.
Shares in the company closed up 6.2% at 4.91 pence Thursday.
The company will raise the funds through the subscription of 1.15 billion shares by three existing investors, Orion Resource Partners, Trafigura Beheer BV and Yanggu Xiangguang Copper Co Ltd, and a further investor Liberty Metals & Mining Holdings LLC. This is expected to raise GBP54.7 million.
Additionally, it will make a placing of up to 143.7 million shares, conducted by Cannacord Genuity Ltd and Brandon Hill Capital Ltd to raise up to GBP6.8 million. Finally, an open offer of up to 72.0 million shares will be made to raise the remainder.
"We are delighted to have finalised the funding package. The project has been developing rapidly towards production since final permitting was obtained and has continued to benefit from the continued strong support from all shareholders. The size and scale of the historic project and scope for expansion are well documented and we look forward to restarting production shortly," said Chief Executive Officer Alberto Lavandeira in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
EMED.L