By Devika Patel
Knoxville, Tenn., Dec. 14 - Albidon Ltd. said it has raised $25 million from two private placements of stock. The company also secured another $20 million from a loan.
The company sold a total of 8,474,577 shares at $2.95 apiece. Of those shares, 5,084,746 shares were bought by Jinchuan Group Ltd. for $15 million. The remaining 3,389,831 shares were sold to ZCCM Investments Holdings plc for $10 million.
Barclays Capital also said it has received formal credit approval to provide the company with another $20 million in senior debt funding through a six-year loan on the same terms as a previous loan the company arranged with Barclays.
Proceeds will be used for exploration, drilling and development of the company's Munali Nickel Project.
Albidon is a mineral exploration and development company based in West Perth, Australia.
| Issuer: | Albidon Ltd.
|
| Issue: | Shares
|
| Amount: | $25 million
|
| Shares: | 8,474,577
|
| Price: | $2.95
|
| Warrants: | No
|
| Settlement date: | Dec. 13
|
| Stock symbol: | Australia: ALB
|
| Stock price: | A$3.08 at close Dec. 13
|
|
|
| First deal
|
| Amount: | $15 million
|
| Shares: | 5,084,746
|
| Investor: | Jinchuan Group Ltd.
|
|
|
| Second deal
|
| Amount: | $10 million
|
| Shares: | 3,389,831
|
| Investor: | ZCCM Investments Holdings plc
|
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