(Alliance News) - Amur Minerals Corp on Thursday said it has placed 75 million shares at 1p each to raise GBP750,000.
Shares in the exploration firm closed 29% lower at 1.10p each on Thursday in London.
Amur Minerals said the funds will be used to repay the initial advance from the loan note facility from Plena Global Opportunities LLC, as well as for working capital purposes to progress the company's TEO.
TEO is the Russian equivalent of a feasibility study.
In March, the company said it secured a GBP1.5 million fixed term loan note from Plena Global. It said the loan will be used to complete the Russian feasibility study for the Kun-Manie nickel-copper sulphide project located in the far east of Russia. The loan note consists of three advances with the initial advance being GBP500,000 which has already been withdrawn by Amur.
Following admission, Amur will have 920.4 million shares in issue.
Separately, the company said it believes work at Kun-Manie will complete on time, highlighting the December 1 deadline to complete certain work on the licence area. It added, however, that if the lockdown is extended indefinitely, or the programme is not completed before the deadline and an extension is not granted, it could put the licence at "significant risk".
By Ife Taiwo; ifetaiwo@alliancenews.com
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Amur Minerals (AMC)