African Consolidated Resources to raise 1.9m pounds
AIM-listed resource and development company African Consolidated Resources has agreed a subscription of 54,330,200 new ordinary shares of 1p each in the company at a price of 3.50p per new ordinary share to raise gross proceeds of 1.9m pounds.
AIM-listed resource and development company African Consolidated Resources has agreed a subscription of 54,330,200 new ordinary shares of 1p each in the company at a price of 3.50p per new ordinary share to raise gross proceeds of 1.9m pounds.
The subscription is not underwritten.
In addition, the company announced the issue of 1,379,200 new ordinary shares of 1p each in the company at 2p each pursuant to employment services rendered to the company.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group estimated that the net proceeds of the subscription would be sufficient to fund the company's near-term liabilities and progress towards the advancement of its key projects, particularly the Pickstone-Peerless Gold Project.
Commenting on the subscription, Roy Tucker, Chairman of African Consolidated Resources, said, "Today's subscription and Craig Hutton's recent appointment as Chief Executive marks a key transformation in ACR's [African Consolidated Resources] development from an exploration company to a mining company."
The new ordinary shares will rank 'pari passu' with existing ordinary shares of 1p each in the company.
Following admission, the total issued share capital of the company will be 656,958,630 ordinary shares, all of which have voting rights. The new ordinary shares will represent approximately 8.48% of the enlarged issued share capital of the company.
MF
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Skipton launches a retirement bond with monthly income – is it any good?
The building society has launched a new three-year fixed-rate bond for those aged 66 and over. Can it boost your retirement income?
By Katie Williams Published
-
Pensions: 140,000 pensioners to be hit by surprise tax demand
Tens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds
By Chris Newlands Published