(Alliance News) - Anglesey Mining PLC on Friday said it intends to raise GBP660,000 through the placing of shares, the proceeds of which will go towards continuing the development of its Parys Mountain property in Wales.
The zinc-copper-lead miner will issue 10.0 million shares at a price of 6.6 pence each, reflecting a 14% discount to its closing price on Thursday at 7.75p.
Shares in Anglesey Mining were down 8.4% at 7.10 pence on Friday in London.
As well as Parys Mountain, proceeds from the placing will also be used to evaluate other base metal projects at advanced stages which can be potentially incorporated into the group, as well as working capital purposes.
"Following the recent release of the details of the positive Preliminary Economic Assessment on Parys Mountain, we are very pleased with the substantial support shown for the project and for the company with this placing. We will continue to drive forward with all our investments and we look forward to continuing support both from our new as well as all our current shareholders," said Chief Executive Bill Hooley.
Following the placing, Anglesey Mining will have 222.0 million shares issued overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Anglesey Mining (AYM)