By Marisa Wong
Milwaukee, Nov. 23 - African Energy Resources Ltd. announced that it plans to raise A$5 million through an institutional placement of stock.
African Energy will sell ordinary shares at A$0.15 per share.
The company also intends to implement a share purchase plan for eligible shareholders.
African Energy said that potential investors have expressed strong interest in the placement, so it expects the deal to close within the week.
Proceeds of the placement will be used to advance exploration at uranium targets in Zambia and Botswana.
African Energy is a uranium exploration company based in West Perth, Australia.
| Issuer: | African Energy Resources Ltd.
|
| Issue: | Ordinary Shares
|
| Amount: | A$5 million
|
| Price: | A$0.15
|
| Warrants: | No
|
| Pricing date: | Nov. 23
|
| Stock symbol: | Australia: AFR
|
| Stock price: | A$0.17 at close Nov. 23
|
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