By Devika Patel
Knoxville, Tenn., April 22 - African Consolidated Resources plc said it raised £2.31 million in a private placement of shares.
The company sold 42,022,044 ordinary shares at 5.5p apiece.
Directors Andrew N. Cranswick, Michael W. Kellow and Roy Tucker participated.
Proceeds will be used for general corporate expenditure and will go towards advancing to production the existing measured JORC resources in tailings dumps at Pickstone Peerless with a view to generating cash flow.
Based in Kent, England, African Consolidated Resources explores and develops mineral projects in Sub-Saharan Africa.
| Issuer: | African Consolidated Resources plc
|
| Issue: | Ordinary shares
|
| Amount: | £2,311,212.42
|
| Shares: | 42,022,044
|
| Price: | 5.5p
|
| Warrants: | No
|
| Investors: | Andrew N Cranswick, Michael W Kellow and Roy Tucker
|
| Settlement date: | April 22
|
| Stock symbol: | London: AFCR
|
| Stock price: | 7.5p at close April 22
|
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