(Alliance News) - Jangada Mines PLC on Friday announced it has raised GBP1.3 million via a placing of 13.9 million shares at 9 pence each, which will allow it to continue development at its Brazilian vanadiam project.
Shares in the London-based natural resources company were trading 5.4% lower at 9.70 pence each in London on Monday morning, giving it a market capitalisation of GBP23.5 million.
Jangada said the proceeds of the placing will be used primarily for the continued development of the company's 100%-owned Pitombeiras vanadium project in Brazil.
Chair Birain McMaster said: "We are delighted to have received such strong support in completing this placing, which further strengthens our confidence in the Pitombeiras Vanadium Project."
"These funds will allow us to continue to demonstrate this during the first half of 2021 as we look to complete the drilling programme at the project, deliver upgraded and expanded resources and complete the new metallurgical tests, which will provide the basis for discussions with potential traders and off-takers. The company is now fully funded to complete the next stages of its work programme. I look forward to providing further updates as we make progress with these workstreams," he added.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Jangada Mines (JAN)