Offering proceeds expected to be used for restart of Trojan mine
By Devika Patel
Knoxville, Tenn., April 2 - Mwana Africa plc said it will raise between £7.88 million and £13.33 million in private placement of shares through agent Liberum Capital Ltd. China International Mining Group Corp. will invest about £13.3 million.
The company will sell between 143.28 million and 242,424,282 ordinary shares at 5.5p each. The per-share price is a 9.34% discount to the March 30 closing share price of 5.03p and is also a 9.5% premium to the mid market price of the shares on March 30.
Proceeds will be used for the potential restart of Bindura Nickel Corp.'s Trojan mine in Zimbabwe and the company's activities at its Zani Kodo gold project and Semkhat copper-cobalt tenements in the Democratic Republic of Congo, as well as to provide general working capital.
Mwana is a London-based nickel, gold, copper and diamond exploration company.
| Issuer: | Mwana Africa plc
|
| Issue: | Ordinary shares
|
| Amount: | £7,880,400 (minimum) £13,333,336 (maximum)
|
| Shares: | 143.28 million (minimum) 242,424,282 (maximum)
|
| Price: | 5.5p
|
| Warrants: | No
|
| Agent: | Liberum Capital Ltd.
|
| Investor: | China International Mining Group Corp. (for about £13.3 million)
|
| Pricing date: | April 2
|
| Stock symbol: | London: MWA
|
| Stock price: | 5.03p at close March 30
|
| Market capitalization: | £36.07 million
|
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