2nd Jun 2014 08:43
LONDON (Alliance News) - Weatherly International PLC Monday said it has conditionally raised roughly GBP1.7 million after a subscription of 43.3 million shares with Logiman CC, one of its suppliers, at a price of 3.95 pence per share.
The Namibia-focused miner said the proceeds of the subscription shares will be used for general working capital and to strengthen the company's balance sheet going forward.
Logiman is currently supplying Weatherly International with project management services for plant construction at the Tschudi copper project, which is due to deliver first copper in the second quarter of 2015.
The company said the subscription price represents a premium of roughly 44% to its closing price of 2.75 pence on Friday. Weatherly shares were up 20% to 3.29 pence early Monday, putting them in the top AIM ALL-Share risers.
By Tom McIvor; [email protected]; @TomMcIvor1
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