Proceeds slated to finance costs at company's flagship Marropino mine
By Devika Patel
Knoxville, Tenn., Dec. 15 - Noventa Ltd. said it settled an oversubscribed private placement of shares. It raised £15.2 million. Canaccord Genuity Ltd. was the lead agent, with funds also raised by Religare Capital Markets plc.
The company sold 160 million ordinary shares at 9.5p each. The price per share is a 10.38% discount to the Dec. 14 closing share price of 10.6p.
Proceeds will be used to fund equipment, installation and infrastructure, engineering, procurement, construction and management costs and indirect construction costs at the company's flagship Marropino mine and for general working capital purposes.
Noventa is an industrial-scale supplier of tantalum concentrate, a metal used in the consumer electronics industry, and a producer of morganite, a gemstone. It is based in La Rue des Mielles on the Channel Island of Jersey.
| Issuer: | Noventa Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | £15.2 million
|
| Shares: | 160 million
|
| Price: | 9.5p
|
| Warrants: | No
|
| Agents: | Canaccord Genuity Ltd. (lead), Religare Capital Markets plc
|
| Settlement date: | Dec. 15
|
| Stock symbol: | London: NVTA
|
| Stock price: | 10p at close Dec. 15
|
| Market capitalization: | £21.55 million
|
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