By Devika Patel
Knoxville, Tenn., July 24 - African Energy Resources Ltd. announced it will raise A$4 million in a private placement of shares.
The company will sell 80 million shares at A$0.05 each. The first tranche is expected to settle for A$1.21 million on July 31.
Proceeds will be used for exploration.
African Energy Resources is an exploration company focused on identifying and developing uranium resources in Africa. The company is based in Guernsey, United Kingdom.
| Issuer: | African Energy Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$4 million
|
| Shares: | 80 million
|
| Price: | A$0.05
|
| Warrants: | No
|
| Pricing date: | July 24
|
| Settlement date: | July 31 (for A$1,208,819)
|
| Stock symbol: | Australia: AFR
|
| Stock price: | A$0.089 at close July 24
|
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