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(Alliance News) - Zanaga Iron Ore Co Ltd said on Thursday that 12 million ordinary shares had been issued to Shard Merchant Capital Ltd in the first tranche of an ongoing subscription agreement.
Zanaga, an iron explorer focused on the Republic of Congo, has raised net proceeds of around GBP777,289 through the placement by Shard, a London-based wealth and asset manager.
This tranche is the first of a possible three included in the subscription agreement outlined in July, each involving the placement of 12 million shares.
Zanaga on Thursday also confirmed Shard's subscription to the second tranche, which is conditional on the admission of those shares to trading on the AIM market of the London Stock Exchange. Zanaga has submitted an application towards this end, and expects shares to be admitted on December 18. Following admission, the total number of shares in Zanaga will be 645.0 million.
Zanaga also announced the appointment of Martin Knauth as its chief executive officer on Thursday.
According to Zanaga, Knauth has more than 30 years of experience "in a wide range of cultures, countries and commodities."
Knauth's previous companies include Western Mining Corp, Vale, Sherritt Metals International, KAZ Minerals and Glencore.
Zanaga's share price was up 2.5% at 7.74 pence each in London on Thursday afternoon.
By Hugh Cameron, Alliance News reporter
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