Major shareholder Firebird is sole subscriber to stock placement
By Marisa Wong
Madison, Wis., Sept. 13 - Maghreb Minerals plc said it raised £1.16 million through subscriptions for new ordinary shares.
Maghreb's major shareholders, Firebird Global Master Fund, Ltd. and Firebird Global Master Fund II, Ltd., are the sole subscribers to the placing.
Maghreb sold 93 million ordinary shares at a price of 1.25p per share, which represents an 18% discount to the Sept. 10 closing share price of 1.475p.
The shares are expected to be admitted to trading on Sept. 17.
Proceeds will be used to enable the company to acquire assets in the fluorspar sector internationally and to fund the ongoing exploration work at the company's Zriba fluorspar project in Tunisia.
Maghreb is a lead and zinc ore exploration company based in London.
| Issuer: | Maghreb Minerals plc
|
| Issue: | Ordinary shares
|
| Amount: | £1,162,500
|
| Shares: | 93 million
|
| Price: | 1.25p
|
| Warrants: | No
|
| Investors: | Firebird Global Master Fund, Ltd. and Firebird Global Master Fund II, Ltd.
|
| Announcement date: | Sept. 13
|
| Stock symbol: | London: MMS
|
| Stock price: | 1.48p at close Sept. 13
|
| Market capitalization | £2.65 million
|
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