25th Mar 2019 15:52
LONDON (Alliance News) - Kazera Global PLC said on Monday that it has placed 29.4 million shares to raise GBP500,000.
The investment company placed 29.4 million shares at a price of 1.70 pence each, with the proceeds going towards covering the company's overheads. The funds will also be put towards progressing its drilling campaign of resource identification at Signaalberg and White City deposits.
Kazera Global shares were trading down 0.6% at 2.14 pence each on Monday.
The shares will represent approximately 10% of the company's enlarged issued share capital, following admission of the placing shares.
"I am delighted with the continued support that Kazera has received from our shareholders. The proceeds of the placing will be used for working capital purposes and will enable Kazera to continue the drill programme at key targets, Signaalberg and White City, which follows the completion of drilling at Homestead and Purple Haze, where we await the results," said Larry Johnson, chief executive officer.
The company also stated that it is in discussions with two international groups to fund its Orange River pipeline, with the proceeds gained from the share placement helping advance this process.
Kazera Global now has 284.1 million shares issued overall.
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