Offering funds exploration drilling and test work at company projects
By Devika Patel
Knoxville, Tenn., April 19 - Baobab Resources plc said it raised £4.65 million in a private placement of shares.
The company sold 11,625,000 ordinary shares at 40p each. The price per share is a 5.26% premium to the April 18 closing share price of 38p.
Proceeds will be used for exploration drilling at the company's Tete iron ore project, drilling and test work at Muande and drilling and test work required to define copper, nickel and gold resources for a pre-feasibility study at Mundonguara.
The Fremantle, Australia, company explores for iron, copper, gold and nickel.
| Issuer: | Baobab Resources plc
|
| Issue: | Ordinary shares
|
| Amount: | £4.65 million
|
| Shares: | 11,625,000
|
| Price: | 40p
|
| Warrants: | No
|
| Settlement date: | April 19
|
| Stock symbol: | London: BAO
|
| Stock price: | 41.5p at close April 19
|
| Market capitalization: | £63.32 million
|
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