(Alliance News) - Blencowe Resources PLC on Wednesday said that it has raised GBP235,000 in a placing at 6.0 pence per share through the issue of 3.9 million new shares.
The placing price was an 11% discount to Tuesday's close of 6.75p. Shares in Blencowe ended down 11% at 6.03p each in London on Wednesday.
Rugby, England-based Blencowe Resources is a natural resources company focussed on the development of the Orom-Cross Graphite Project in Uganda.
The fundraise will be used to advance the development of the Orom-Cross Project and the Pre-Feasibility Study, which is due to commence following confirmation of the updated mineral resource classification in late third quarter 2021.
"Following the announcement of our recent Metallurgical Test Work we are keen to keep progressing the Orom-Cross Graphite project at a rapid pace and have taken this opportunity to raise some additional capital to fund ongoing operations. We look forward to updating the market on further developments over the coming weeks and months," said Executive Chair Cameron Pearce.
By Amrit Sahota; newsroom@alliancenews.com
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Blencowe Resou. (BRES)