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LONDON (Alliance News) - Amur Minerals Corp on Monday said it has agreed a deal that will see US-based family office Crede Capital Group LLC subscribe for new shares with a value of up to GBP12.5 million with attached warrants.
Confirmation of the deal comes just under one week after Amur said it was in talks with a potential funding partner. The cash investment will be spread over five so-called subscription events of up to GBP2.5 million each with intervals of 90 days between them.
The nickel-copper sulphide mineral exploration and resource development company, which focuses on the far east of Russia, said it has allotted 22.7 million shares to the investor at a price of 11 pence to raise GBP2.5 million.
Amur has also issued warrants over 17.0 million shares. The warrants are exercisable at a price of 14.3p per share for a period of five years.
"This staged funding provided by a long term institutional investor represents a major milestone for the continued advancement of the Kun-Manie project toward production," Chief Executive Robin Young said in a statement.
"These available funds will be utilised to both complete necessary work for inclusion in and completion of the definitive feasibility study. This will enable Amur to establish the detailed design, operational considerations and projected economic potential of the nickel-copper sulphide operation in the Far East of Russia," Young said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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