LONDON (Alliance News) - EMED Mining Public Ltd said Friday it has raised GBP6.8 million in a share placing, as part of its total GBP64.9 million fund raising plan.
The company had announced in May it planned to raise up to GBP64.9 million through a subscription, share placing and open offer to fully fund it to progress its Rio Tinto Copper project in Spain through to 7.5 million tonnes per annum of production.
It said Friday it raised GBP6.8 million through the placing of 143.7 million shares at 4.75 pence each. It already had raised GBP54.7 million in the share subscription. The open offer for GBP3.4 million remains open.
Shares in EMED are trading down 2.0% at 4.90 pence Friday morning.
"We are delighted with the support shown from existing and new investors enabling us to complete the oversubscribed placing, which constitutes part of the capital Raising. We continue to move closer to commissioning and look forward to commencing production in the coming months," said Chief Executive Officer Alberto Lavandeira in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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