23rd Sep 2013 12:32
LONDON (Alliance News) - North River Resources PLC Monday said that it has raised about GBP800,000 before expenses through a placing of 133.3 million new ordinary shares, in order to fund the next phase of work at its flagship Namib Lead Zinc mine project.
The mineral exploration-and-development company, which operates in sub-Saharan Africa, said the shares were priced at GBP0.6 pence per share, through its brokers, Ocean Equities and VSA Capital. It said that the placing was over-subscribed.
The company said that the project is on schedule and within budget, and the raised proceeds will help fund its resource drilling and estimation, metallurgical work and the work-up of a feasibility study.
North River said Managing Director Martin French and non-executive director Brett Richards subscribed for 8.3 million shares apiece in the placing, and following completion will now own a 7.97% and 2.02% stake in the company respectively.
North River shares were trading at 0.637 pence per share Monday, up 1.9%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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