1st Oct 2015 09:16
LONDON (Alliance News) - North River Resources PLC on Thursday said it has raised much less than targeted in the open offer portion of its placing and will rely on the shortfall placing to make up the difference.
North River said it has raised GBP243,500 from the open offer of 121.8 million shares at 0.2 pence per share, or around USD375,250. The company announced the open offer in September with plans to raise USD2.8 million to back work at the Namib Lead-Zinc Project in Namibia.
North River said the balance of the 778.9 million shares not validly applied for in the open offer will now be made available to be placed for no less than 0.2 pence per share with institutional investors via the shortfall placing portion of the deal.
The company expects to make a further announcement on how many shares have been taken up in the shortfall placing by October 5.
Shares in North River were down 5.6% to 0.184 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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