EMED Mining raise £8.7m to spend ><a href=Emed Mining Public Ltd (LON:EMED) revealed today it has raised £8.775m, gross, through the conditional placing of 83,571,429 new ordinary shares with a wide range of existing and new institutional investors.

The mining exploration and production company, with a focus on gold and copper announced today that the issue price of 10.5p per share represents a discount of 3.6% against the volume weighted average market price over the previous 10 days. The company confirmed that the net proceeds will be used to fund the maintenance, planning and permitting process in relation to the Proyecto de Rio Tinto project in Andalucía in Spain. They also said that the funds raised will also go towards funding the mine-development feasibility, planning and permitting the company is carrying out in Slovakia and for general working capital purposes. Mr Harry Anagnostaras-Adams, Managing Director of EMED Mining commented:


""We are delighted with the support for EMED Mining from existing and new international institutional investors. We welcome as shareholders from Canada a number of leading mining investment specialists.  The Placing serves to prepare for the Company's dual-listing on a major international mining exchange later in the year. Many of EMED Mining's shareholders are the same companies that funded the start-up of Portugal's Neves Corvo and Andalucia's Aguablanca, Aguas Tenidas and Las Cruces, recently permitted base metal mine start-ups near the Rio Tinto Mine within the world class Iberian Pyrite Belt. This financing underpins the carefully planned process for restarting the Rio Tinto Mine in 2011 and transforming it into an efficient 21st century operation. It also allows the Company to trigger planning for the drilling and other initiatives to extend mine life and expand base case annual production."

Unlock the rest of this article with a 14 day trial

Already have an account?
Login here