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(Alliance News) - Investment vehicle Blencowe Resources PLC has raised GBP2 million in a share placing, it said on Wednesday.
The company has raised the funds through placing 33.3 million new shares at a price of 6 pence each.
Blencowe was formed to make an acquisition in the resources sector, and joined the London Stock Exchange in April last year.
In October, Blencowe announced an agreement to buy Consolidated African Resources Uganda Ltd off Consolidated Africa Ltd via a reverse takeover. CARU is the holder of the Orom graphite project in northern Uganda.
Rugby, Northamptonshire-based Blencowe is paying for the project all in shares, issuing 33.3 million new shares at the 6p price.
Once the placing is completed Blencowe will look to complete the Orom purchase, and then begin trading on London's Main Market. Shares are currently suspended due to the Orom deal being considered a reverse takeover.
By George Collard; georgecollard@alliancenews.com
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