Patagonia Gold raises gross proceeds of 6.2m pounds

Patagonia Gold has raised gross proceeds of approximately 6.2m pounds through a subscription of 41.2m new ordinary shares of 1p each in the company, each at a price of 15p per subscription share.

Patagonia Gold has raised gross proceeds of approximately 6.2m pounds through a subscription of 41.2m new ordinary shares of 1p each in the company, each at a price of 15p per subscription share.

The issue price represents a discount of approximately 3.23% to the closing middle market price of 15.5p per ordinary share on February 26th.

The net proceeds of the subscription will be used to fund exploration and drilling expenditure on the Cap-Oeste and COSE projects in Argentina and to provide general working capital for the company.

Patagonia Gold reported that subscription shares were subscribed for by Carlos Miguens and William Humphries, each a director of the company.

Following the subscription, the company will have 853.8m ordinary shares in issue.

Patagonia Gold is a mining company that seeks to grow shareholder value through exploration, development and production of gold and silver projects in the southern Patagonia region of Argentina.

Patagonia Gold's shares were up 9.68% to 17p at 09:48 on Wednesday.

MF

Recommended

Tech stock crash – dotcom bust 2.0 is upon us
Tech stocks

Tech stock crash – dotcom bust 2.0 is upon us

It’s carnage in the tech sector as the market crashes. But that spells opportunity for canny investors, says Matthew Lynn
19 May 2022
Three things you should learn from Bill Ackman's brilliant Netflix trade
Investment strategy

Three things you should learn from Bill Ackman's brilliant Netflix trade

Hedge fund guru Bill Ackman has lost $400m selling Netflix shares. John Stepek explains why this was a brilliant trade, and outlines three things that…
19 May 2022
Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
Value is starting to emerge in the markets
Investment strategy

Value is starting to emerge in the markets

If you are looking for long-term value in the markets, some is beginning to emerge, says Merryn Somerset Webb. Indeed, you may soon be able to buy tra…
16 May 2022