Deal to fund Toka Tindung gold project, processing plant, exploration
By Marisa Wong
Madison, Wis., Nov. 16 - Archipelago Resources plc said it has raised £28 million through a placement of shares to institutional investors.
Archipelago placed 70 million ordinary shares at 40p each. The price per share represents a 5.33% discount to the Nov. 15 closing share price of 42.25p.
Lead broker Ambrian Partners Ltd. (London) and Scarsdale Equities LLC (New York) arranged the placement.
Rajawali Corp. subscribed for 36.5 million of the shares.
Proceeds will be used for the development of the Toka Tindung gold project, construction of a processing plant, exploration and general working capital.
The new shares are expected to be admitted to trading on Nov. 17.
Archipelago is a London-based mineral exploration company.
| Issuer: | Archipelago Resources plc
|
| Issue: | Ordinary shares
|
| Amount: | £28 million
|
| Shares: | 70 million
|
| Price: | 40p
|
| Warrants: | No
|
| Investors: | Rajawali Corp. and other institutional investors
|
| Bookrunners: | Ambrian Partners Ltd. (lead) and Scarsdale Equities LLC
|
| Announcement date: | Nov. 16
|
| Stock symbol: | London: AR
|
| Stock price: | 45p at close Nov. 16
|
| Market capitalization: | £224.32 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
