Funds for exploration, BNC care and Klipspringer maintenance
By Melissa Kory
Cleveland, May 24 - The board of Mwana Africa plc announced that it has conditionally placed 185,425,548 new ordinary shares to raise gross proceeds of £9.27 million.
The shares will be sold at 5p per share, a 0.99% discount to the May 23 closing price of 5.05p.
The placing is conditional upon shareholders passing resolutions set out in the notice convening the extraordinary general meeting and upon the shares' admission to trading on AIM.
In order to facilitate the placement, the board proposed a capital reorganization whereby each of the issued existing ordinary shares, which each have a nominal value of 10p, will be subdivided into one new ordinary share of 1p and one deferred share of 9p.
The net proceeds of the placement are expected to be £8.77 million and are intended to provide the funding to further Mwana's exploration program, finance BNC care and maintenance, maintain Klipspringer in a restart ready state and provide general working capital for the group.
Mwana is a London-based pan-African mineral exploration company.
| Issuer: | Mwana Africa plc
|
| Issue: | Ordinary shares
|
| Amount: | £9.27 million
|
| Shares: | 185,425,548
|
| Price: | 5p
|
| Warrants: | No
|
| Announcement date: | May 24
|
| Stock symbol: | London: MWA
|
| Stock price: | 5.05p at close May 23
|
| Market capitalization: | £31.42 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
