29th Oct 2013 18:30
LONDON (Alliance News) - Sable Africa Mining Ltd Tuesday said it plans to undertake a private placement of shares at a price to be determined through an accelerated book-building process to raise gross proceeds of about GBP15 million.
The mining firm said it would use the proceeds to develop its iron ore project in south-east Guinea.
Sable said application will be made to the London Stock Exchange for admission of the shares on AIM. It is expected that admission will become effective on or around November 5 and that dealings in the shares will commence at that time.
An accelerating book building is a sales process undertaken with little or no marketing.
The stock closed at 9.85 pence Tuesday, up 0.03 pence or 0.3%.
By Anthony Tshibangu; [email protected];
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