Offering proceeds expected to be used for restart of Trojan mine
By Devika Patel
Knoxville, Tenn., April 3 - Mwana Africa plc said it took in £7.73 million through a private placement of shares. The deal, which was conducted by agent Liberum Capital Ltd, priced for between £7.88 million and £13.33 million on Monday. The company also raised £13.33 million at the same price per share in a placement with China International Mining Group Corp.
The company sold a total of 383,042,447 ordinary shares at 5.5p each. China International bought 242,424,282 of the shares.
The per-share price is a 9.34% discount to the March 30 closing share price of 5.03p and is also a 9.5% premium to the mid market price of the shares on March 30.
Proceeds will be used for the potential restart of Bindura Nickel Corp.'s Trojan mine in Zimbabwe and the company's activities at its Zani Kodo gold project and Semkhat copper-cobalt tenements in the Democratic Republic of Congo, as well as providing general working capital.
Mwana is a London-based nickel, gold, copper and diamond exploration company.
| Issuer: | Mwana Africa plc
|
| Issue: | Ordinary shares
|
| Amount: | £21,067,335
|
| Shares: | 383,042,447
|
| Price: | 5.5p
|
| Warrants: | No
|
| Agent: | Liberum Capital Ltd. (for £7,733,999)
|
| Investor: | China International Mining Group Corp. (for £13,333,336)
|
| Pricing date: | April 2
|
| Settlement date: | April 3
|
| Stock symbol: | London: MWA
|
| Stock price: | 5.03p at close March 30
|
| Market capitalization: | £40.92 million
|
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