6th Jan 2014 08:38
LONDON (Alliance News) - Herencia Resources PLC Monday said it had got another GBP1.86 million in funding after Shining Capital Management completed due diligence and signed a subscription agreement for 300 million new shares at 0.62 pence each.
After the subscription, Shining will have a 16.4% stake in the company, up from 4.7% currently.
"We see this as confirmation that Herencia's projects provide investors an outstanding opportunity across a range of quality projects and metals," Herencia Managing Director Graeme Sloan said in a statement.
Shining had already subscribed for 100 million new Herencia shares back in November, giving the company GBP620,000 in a first tranche of funding. The second tranche was dependent on the conclusion of due diligence.
"The receipt of the Shining funds is a great way to kick start the new-year and allows us to advance all our Chilean projects which will add both value and provide the opportunity for regular news flow in 2014," he added.
Herencia is an exploration and development company operating mainly in Chile. Its main projects are the Picachos copper project and Paguanta zinc project.
Shares in the AIM-listed company were down 1% at 0.52 pence early Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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