Amur Minerals Corporation (“Amur” or the “Company”) announces that it has entered into a placing letter to raise £180,000 by way of a placing of 6 million ordinary shares (the “Placing Shares”) at 3p each (“Placing Price”). Wills & Co Stockbrokers Ltd has subscribed for the entire placing, representing 4.7 per cent. of the enlarged share capital of the Company.
Amur intends to use the proceeds of the Placing primarily to fund ongoing programmes at Kun-Manie, the Company’s main nickel exploration project in the Amur region of Far East Russia, as well as for general operating expenses.
The Placing Price of 3 pence per share represents a 111 per cent. premium to the average middle market closing price of 1.21 pence per share for the month of April 2009. Following the admission of the Placing Shares to trading on AIM, the Company will have 127,703,938 shares in issue.
Read more (PDF)