Serabi Share News (SRB)

African Eagle's £3.7m placing at 15.5p a share was oversubscribed by new and existing institutional shareholders, the company said Friday.Chairman Euan Worthington said the firm, which is pinning its hopes on the Dutwa nickel project in Tanzania, had enough cash to complete a pre-feasibility study, but considered it "prudent" to have a reserve "in view of the weak pound and current inflationary trends".The pre-feasibility study is expected to be completed in the third quarter.Cake and bread maker Finsbury Food grew revenue by 6% in the first half to 1 January, led by a 14.5% improvement at the Bread and Free From division and 3.2% rise at the larger Cakes unit.But this month's German fresh egg dioxin scare at the firm's Memory Lane cake business has meant a "challenging" start to the second half. The insurer is currently refusing to pay out as there was no public health risk.Thor Mining has agreed to pay A$1.25m plus 10m of its shares for an initial 25% stake in the 274,000 ounce Spring Hill gold project owned by Western Desert Resources.The company has an option to increase its interest in the project in the Northern Territory to as much as 80%.Shares in Dori Media dived Friday as the media company said profit before tax for 2010 is expected to be significantly below market expectations, as a result of a delay in receiving income from a major production.The company added that a number of negotiations for agreements initiated at the MIPCOM entertainment content exhibition which were expected to be closed in 2010 are also on-going and are expected to be closed during 2011.Turnover for 2010 is expected to be somewhere between $45m and $48m. Prior to the profits warning, broker Daniel Stewart had been forecasting 2010 revenue of $57m.Brazil-focused gold miner Serabi Mining made a loss before tax of $3.97m in the first nine months of 2010, versus a loss of $7.44m in the corresponding period of 2009. Revenue slumped to $1.17m from $4.79m the year before.While the company has been able to fund its past activities from a combination of revenue generated from gold sales and the issue of new equity, the future funding requirements are expected to be generated from the issue of further equity, although the board of directors intends to evaluate alternative opportunities for funding the on-going exploration activities of the company including entering into joint venture arrangements and the use of development grants and loans.