Company sells 227,329,873 ordinary shares at 4p each through offering
By Devika Patel
Knoxville, Tenn., March 14 - Hambledon Mining plc said it plans a private placement of shares. It will raise £9.09 million.
The company will sell 227,329,873 ordinary shares at 4p each, which is a 15.79% discount to 4.75p, the closing share price on March 11.
Proceeds will be used to accelerate underground exploration and for working capital. A review of the Sekisovskoye life of mine project cost base has highlighted that the surface infrastructure needs to be updated. These works are planned to take place in 2011. In addition, the company plans a works program to increase gold and silver recovery in 2011.
Based in London, Hambledon is a gold and silver producer.
| Issuer: | Hambledon Mining plc
|
| Issue: | Ordinary shares
|
| Amount: | £9,093,195
|
| Shares: | 227,329,873
|
| Price: | 4p
|
| Warrants: | No
|
| Pricing date: | March 14
|
| Stock symbol: | London: HMB
|
| Stock price: | 4.098p at close March 14
|
| Market capitalization: | £24.51 million
|
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