9th Apr 2014 07:54
LONDON (Alliance News) - Namibian Resources PLC Wednesday said it has raised GBP246,000 before expenses, money it will use to finance the development of its coal project in South Africa as well as for general overheads.
In a statement, the alluvial diamond miner said it had raised GBP146,400 by issuing 11.7 million shares at 1.25 pence each, while Jay and Jayendra (Pty) Ltd, its joint venture partner in South Africa, will contribute GBP100,000 of funding to its 70.1% owned South African subsidiary through an interest-free advance convertible into new shares at 1.25 pence a share.
Namibian Resources shares last traded at 2.375 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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