Deal finances company's share of costs for the Putu Project, drilling
By Devika Patel
Knoxville, Tenn., July 19 - Afferro Mining Inc. said it completed a £15.54 million private placement of stock.
The company sold 17,261,452 common shares at 90p apiece. The per-share price reflects a 9.09% discount to the closing share price, 99p, on July 18 and a 9.09% discount to the closing mid-market price on July 18.
Evolution Securities Ltd. and RBC Capital Markets were the joint bookrunners and GMP Securities Europe LLP was co-lead manager.
Proceeds will be used to fund the company's share of costs for the Putu Project, for drilling, target identification in Cameroon, corporate costs and general working capital.
The iron ore exploration and development company is based in London.
| Issuer: | Afferro Mining Inc.
|
| Issue: | Common stock
|
| Amount: | £15,535,307
|
| Shares: | 17,261,452
|
| Price: | 90p
|
| Warrants: | No
|
| Bookrunners: | Evolution Securities Ltd. and RBC Capital Markets
|
| Settlement date: | July 19
|
| Stock symbol: | London: AFF
|
| Stock price: | 100p at close July 19
|
| Market capitalization: | £85.1 million
|
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