4th Mar 2016 11:19
LONDON (Alliance News) - FinnAust Mining PLC on Friday said it has raised GBP1 million through the placing of 50 million shares at a price of 2 pence each with new and existing shareholders.
Shares in FinnAust were up 3.6% at 2.12 pence Friday morning.
The company said that it was focused on the broader development of its Pituffik titanium project in Greenland, and it is working with its consultants to implement a 2016 work programme.
"We are delighted that our investors share our view that Pituffik represents a simple yet high grade, low cost development opportunity and we are pleased with the strong support our strategy has received. Approximately half of the amount raised came from existing shareholders with the balance from new investors. FinnAust's strategy is to capitalise on Pituffik's near term production potential and with management all significant shareholders, thereby aligning interests with shareholders, it is reasonable to expect a continued measured focus on minimising dilution and discounted pricing as can be seen today," said Chief Executive Officer Roderick McIllree in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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