By Sheri Kasprzak
New York, Feb. 3 - Ridge Mining plc said it intends to raise £1.2 million in a private placement.
The offering includes 3 million shares at 40p each sold to RMB International (Dublin) Ltd.
After the placement closes, RMB will own 4.78% of the company's enlarged share capital.
The price per share represents at 10% discount to the company's closing stock price of 44p on Feb. 2.
Proceeds will be used for exploration on the company's Fountain Ridge, Red Bush Ridge and Western Ridge properties.
Based in London, Ridge is a mineral exploration company.
| Issuer: | Ridge Mining plc
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| Issue: | Stock
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| Amount: | £1.2 million
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| Shares: | 3 million
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| Price: | 40p
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| Warrants: | No
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| Investor: | RMB International (Dublin) Ltd.
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| Announcement date: | Feb. 3
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| Stock symbol: | London: RDG
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| Stock price: | 44p at close Feb. 2
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