LONDON (Alliance News) - Amara Mining PLC said Friday that it had raised GBP18.5 million in a share placing and open offer.
The company had originally intended to raise up to GBP18.2 million through the issue of 107.1 million shares, and up to GBP4.2 million through the open offer of 24.5 million shares, both at 17.0 pence per share.
However, the company only saw valid acceptances of 7% for the open offer.
At the time it first announce the share placing in March the company said that it planned to use the funds to further explore its Yaoure Gold Project in the Ivory Coast to upgrade its existing inferred mineral resources to the measured and indicated categories, expand the current in-pit mineral resources and to deliver a Pre-Feasibility Study.
Shares in Amara Mining were trading flat at 16.75 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews
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