By Devika Patel
Knoxville, Tenn., May 28 - Dwyka Resources Ltd. said it completed a £10.33 million private placement of shares.
The company sold 39,745,500 ordinary shares at 26p apiece.
Ambrian Partners Ltd. was the broker.
Proceeds will be used to fund costs associated with the company's acquisition of an interest in the Daguma and Bonanza coal deposits located on the Philippines island of Mindanao, including initial option exercise expenses to give Dwyka a 30% interest in the project, costs related to further exploration and drilling, equipment purchases and staffing.
Based in West Perth, Western Australia, Dwyka explores for, evaluates and mines diamonds and other minerals. It also produces building materials, including concrete, cement bricks, blocks, pavers, sand and aggregate, as by-products from the diamond mining operations.
| Issuer: | Dwyka Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | £10,333,830
|
| Shares: | 39,745,500
|
| Price: | 26p
|
| Warrants: | No
|
| Broker: | Ambrian Partners Ltd.
|
| Settlement date: | May 28
|
| Stock symbol: | London: DWY
|
| Stock price: | 31.50p at close May 27
|
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