15th Apr 2016 13:23
LONDON (Alliance News) - Sierra Rutile Ltd on Friday said it has raised a further USD1.0 million after the option to issue 3.5 million shares in connection with its placing on Thursday was exercised.
On Thursday, the mineral sands producer said it had raised USD20 million through the placing of 70.1 million shares at 20 pence each.
On Friday, Sierra Rutile revealed the raising of a further USD1.0 million through the exercise of the option granted to bookrunners to issue an additional 3.5 million shares also at 20p each.
"We are delighted with the continued support of our existing shareholders and welcome our new institutional shareholders, including Legal & General, to Sierra Rutile as we continue to implement our strategy of increasing production through expansion of our dry mining operations in a way that aligns production with anticipated customer demand," Chief Executive John Sisay said in a statement.
Shares in Sierra Rutile were trading down 0.4% at 22.40 pence on Friday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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