Redbird Investments, an investment vehicle of African Mineral Exploration and Development, has increased its stake in Mozambican-focused explorer Baobab Resources.
The investor exercised its 25m warrants at a price of 12p per share, bringing its total investment in Baobab up to £7.0m.
Baobab also announced the appointment of Carlo Baravalle as a Non-Executive Director to the company.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
"We are delighted to welcome Carlo to the board and his considerable experience in senior roles within international corporations together with his expertise in raising funds in international markets will be of great benefit in the future," Baobab's Chairman, Jeremy Dowler, said.
"The funds raised through this exercise of warrants ahead of the expiry date is a further vote of confidence in the company and will greatly assist in the final planning of the definitive feasibility study. This will commence immediately after the publication of the pre-feasibility study which is now due for release in the second half of February."
Baobab's shares were trading down 7.41% to 28.12p at 13:38 Wednesday.
From oil to copper: how to trade wisely when capitalising on mega trends
By MoneyWeek Published
Thousands of pensioners forced to claim back huge amounts in emergency tax
Some retirees are losing more than £50,000 in emergency tax when they withdraw money from their pensions, which then has to be clawed back from HMRC.
By Ruth Emery Published