LONDON (ShareCast) - Sierra Leone-focused miner African Minerals has raised £63.8m ($105m) from a cash placing with institutional investors in North America and the UK.
Renaissance Capital placed 25.4m shares at 250p each. They
closed at 240.25p on Wednesday, having rallied from just 11p in February.
"The proceeds will allow us to develop the magnetite iron ore resource towards our target of 10 billion tonnes and fast track the Tonkolili definitive feasibility study, to create substantial value for our shareholders," said executive chairman Frank Timis.
"This is a very large step towards us realising the full potential of our world class iron ore deposit at Tonkolili."
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