LONDON (Alliance News) - Investment company Teathers Financial PLC Tuesday said it has made a GBP50,000 investment in fellow AIM-listed EMED Mining Public Ltd through the miner's subscription, placing and open offer announced in May.
On May 28, EMED laid out plans to conduct a conditional subscription, placing and open offer of 1.36 billion new shares at a price of 4.75 pence per share. That was part of a GBP64.9 million fundraising to finance its Rio Tinto copper project in Spain.
Teathers said of the total shares on offer, it purchased under 1.1 million shares, giving it around a 0.1% stake in the enlarged issued share capital of EMED.
"We are delighted to make another investment in line with our investing policy and look forward to providing further updates to shareholders in due course. We are now looking to build up our portfolio with longer-term investments and we believe our investment in EMED fits this criterion," said Executive Chairman Jason Drummond.
Teathers Financial shares were up 2.8% to 3.34 pence per share midday Tuesday, whilst EMED shares were down 4.8% to 5.00p.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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