17th Sep 2013 09:54
LONDON (Alliance News) - Mwana Africa PLC Tuesday said it has raised a further USD2.8 million through a subscription and placing of shares.
The South Africa-based multi-commodity mining company said it completed a placing of 112.6 million shares at a price of 1.57 pence and that China International Mining Group Corporation and Mwana Africa non-executive director Ning Yat Hoi took up most of the shares.
The placement follows Mwana Africa's announcement on September 5 that it had raised roughly USD3.2 million through a subscription of new ordinary shares by two existing shareholders.
The two placements were conducted after the company said it urgently needed funding because falling commodity prices had hit company finance. The company said net proceeds from the subscription will go towards general working capital for the company's operations and is considered enough for it to meet its requirements in the near future.
"I am delighted with the support shown for Mwana's strategy. With the working capital shortfall addressed, the focus can now shift to improving the efficiency and cost competitiveness of the company's operations," Chairman Mark Wellesley-Wood said in a statement.
Mwana Africa shares were up 1.2% to 1.67 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Mwana Africa