URA Holdings PLC - Africa-focused mineral exploration company - Raises GBP475,000 through a placing of 23.8 million new shares in the capital of the company at an issue price of 2 pence per share. As a further component of the fundraise, URA Holdings also executed a warrant instrument, issuing 1.4 million warrants to Capital Plus Partners at an exercise price of 2p per share for 3 years.
Chair Ed Nealon says: "We are delighted to announce this successful institutional placing. This significant increase in their investment by well-known UK institutions is a testimony tof the quality of our assets, our team and the progress we have made and will continue to make as we not only start production but focus on post production activities like sales, marketing and expansion. The proceeds will be used primarily to meet the working capital needs of our operations at the Gravelotte Emerald Mine once production has commenced and is expected to take us through to first revenue."
Current stock price: 2.20 pence, up 2.1% in London on Tuesday morning
12-month change: down 6.6%
By Holly Beveridge, Alliance News reporter
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Ura Holdings (URAH)