LONDON (Alliance News) - Natural resources sector investor Kennedy Ventures PLC on Wednesday said it has raised GBP2.0 million for investee company African Tantalum Pty Ltd.
Kennedy Ventures will issue 66.7 million shares at 3.00 pence per share to raise the funds. Shares in the company were down 27% to 3.49 pence Wednesday following the announcement.
The funds will be used by African Tantalum to upgrade and expand its Tantalite Valley Mine project in Namibia.
"The TVM project represents a rare and exciting combination of lithium and tantalite in a country that has enjoyed one of the longest stretches of political stability and peace in Africa. We are pleased to continue to receive institutional and retail support and are now well positioned to progress operations towards lithium and tantalite delivery into two demand-led markets," said Kennedy Ventures Chairman Giles Clarke.
Clarke has agreed to acquire 1.7 million of the shares being issued by Kennedy Ventures in the placing, while Director Nick Harrison will acquire 833,333 shares. Following the purchases, Clarke will own 8.1 million shares, or a 4.6% interest in Kennedy Ventures, while Harrison will own 7.2 million shares, or a 4.1% stake.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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