LONDON (Alliance News) - Zambia-focused minerals processing firm BMR Group PLC on Thursday said it had raised GBP414,524 through its open offer, less than it had targeted, with its chairman and chief executive among those buying shares.
BMR announced plans in January to raise GBP750,000 through the open offer, by offering up to 25.1 million shares at 3.00 pence per share.
On Thursday, it said it had issued 13.8 million shares through the open offer at that price. BMR shares were flat at 2.75p early Thursday.
As part of the offer, Chairman and Chief Executive Alex Borelli bought 666,666 shares, taking his total holding to around 1.1 million shares, or a stake of about 0.6%.
The funds will be used to bring forward the construction and assembly of the main plant at the Kabwe project in Zambia.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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