By Sheri Kasprzak
New York, Jan. 19 - Braemore Resources plc will settle a private placement of stock for £7.7 million.
The company plans to sell 128,333,333 shares at 6p each.
The deal will close in two tranches with the first - for £6 million - expected to close Feb. 6. The second tranche - for £1.7 million - is expected to close Feb. 20.
Proceeds from the deal will be used for costs associated with the company's recent acquisition of Independence Platinum Ltd. and for the development and exploitation of nickel and platinum projects.
Based in London, Braemore is a mineral exploration company.
| Issuer: | Braemore Resources plc
|
| Issue: | Stock
|
| Amount: | £7.7 million
|
| Shares: | 128,333,333
|
| Price: | 6p
|
| Warrants: | No
|
| Announcement date: | Jan. 19
|
| Settlement date: | Feb. 6 (for first tranche); Feb. 20 (for second tranche)
|
| Stock symbol: | London: BRR
|
| Stock price: | 6.20p at close Jan. 19
|
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