12th Nov 2013 13:20
LONDON (Alliance News) - ZincOx Resources PLC Tuesday said it would seek to raise about GBP5.6 million through a share subscription, placing and open offer, using the cash to fund the final stages and improvements to its Korean Recycling Plant, provide working capita and to continue pursuing projects in Thailand, Turkey and Russia.
The company, which is developing Asia's largest zinc recycling project, said a subscription by International Finance Corporation will raise roughly GBP2.5 million, and give IFC an interest of roughly 11.6% in the company.
ZincOx said approximately 12.5 million shares will be conditionally placed with shareholders to raise roughly GBP1.9 million, while 7.4 million shares will be made available in the open offer, enabling all shareholders to participate in the fundraising at the same price as the IFC deal will be completed.
ZincOx shares were up 1.6% to 16.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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