25th Mar 2014 12:21
LONDON (Alliance News) - Sovereign Mines Of Africa PLC Tuesday said it has raised GBP625,000 through a subscription of 62.5 million shares at a price of 1.0 pence each.
The gold mining exploration company, with operations in the Republic of Guinea, said the proceeds from the fund raising will be used to seek out key acquisitions as well as strategic partners for its Mandiana-Magana property, along with providing working capital for the company for at least the next 12 months.
The company announced in October a first inferred gold resource of 610,000 ounces at its Mandiana-Magana site with the possibility of higher grade structures in the deposit which might be mined and milled selectively.
Sovereign Mines Of Africa shares were down 8.3% to 1.49 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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