Afferro Mining Looks to Raise $24 Million
Afferro Mining is planning on raising funds through an institutional placing. The gold and iron ore mining company has projects in Cameroon and Liberia.
The company plans to raise $24 million by selling 17.2 million common shares at 90 pence each which is a 9.09% discount on the closing mid market price on the London Stock Exchange. This will increase the current issued share capital of the company by 19.99%.
Afferro Mining has applied for the admission of the placing shares to trade on the AIM market of the London Stock Exchange. Trading is likely to begin on July 22, 2011. There are also plans to apply for listing on the TSX Venture Exchange, but this is subject to regulatory approvals.
The funds thus raised will be utilized in the completion of a drilling program, a scoping study and beginning a preliminary assessment study for the Nkout project in Cameroon. The funds will also be used to finance the costs of the joint venture they have in Liberia called the Putu project. This includes a resource definition drilling program and an expedited pre-feasibility study at the Putu project.
Some of the funds will be used for corporate costs and general working capital. There is also the possibility of identifying new targets in Cameroon. Evolution Securities and RBC Capital Markets are acting as joint book runners, while GMP Securities Europe is acting as co-lead manager relating to the offering.
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Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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