(Alliance News) - Jangada Mines PLC on Wednesday said investee ValOre Metals Corp has upsized its private placement to CAD8.3 million, or GBP4.7 million, to fund work on a Brazilian metals project.
ValOre first announced a CAD3.6 million, around GBP2.1 million, non-brokered private placing back in January, with part of the proceeds going towards progressing the Pedra Branca Brasil Mineracao Ltd platinum group metals project in Brazil.
London-based natural resources company Jangada said ValeOre will issue up to 27.8 million units at a price of CAD0.30 each, consisting of one common share of ValOre and one half-share purchase warrant. Each whole warrant can be used to buy one ValOre share at a price of CAD0.45 within the next two years.
On Monday, Jangada received the third tranche of 500,000 shares from ValOre in relation to Jangada's disposal of the platinum group metals project held by Pedra Branca in August 2019. Jangada now holds 16.5 million ValOre shares, representing an 18% stake.
Shares in Jangada Mines were up 12% at 11.75 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Jangada Mines (JAN)