Amur Minerals Corporation (“Amur” or the “Company”) has raised £1.02 million by way of a placing of 6 million ordinary shares (the “Placing Shares”) at 17p (“Placing Price”). Fox-Davies Capital Limited has, as co-broker for the Company, procured the subscribers for the placing. Black River Asset Management LLP has subscribed for the entire placing, representing 5 per cent. of the enlarged share capital of the Company.
Amur intends to use the proceeds of the Placing primarily to fund the ongoing exploration and development work at Kun-Manie, the Company’s main nickel exploration project in the Amur region of Far East Russia. The proceeds will also be used for general operating expenses.
The Placing Price of 17 pence per share represents a 1.5 per cent. premium to the middle market closing price of 16.75 pence per share on 1 July 2008. Following the admission of the Placing Shares to trading on AIM, the Company will have 121,703,938 shares in issue.
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