North River Resources raises one million pounds through placing

AIM-listed mineral exploration and development company North River Resources has conditionally raised gross proceeds of approximately one million pounds through the placing of 285.7m new ordinary shares at a price of 0.35p per ordinary share.

AIM-listed mineral exploration and development company North River Resources has conditionally raised gross proceeds of approximately one million pounds through the placing of 285.7m new ordinary shares at a price of 0.35p per ordinary share.

The company reported that the placing would allow North River to accelerate a program of re-opening the Namib Lead-Zinc mine in Namibia. The proceeds would be used to fund the structural geology review currently underway by CSA Global, underground and surface drilling, and for general working capital purposes.

Application has been made for the placing shares - which will rank pari passu in all respects with the existing ordinary shares of the company - to be admitted to trading on AIM, which is expected to be effective from 8.00 a.m. on May 1st, the company said.

Martin French, Executive Director of North River, commented: "We are pleased to have completed this placing in the most difficult of market conditions for junior mining companies. We believe this is a testament to our strong operational plan and the excellent value represented by our shares at this level."

North River Resources' portfolio of projects in Namibia and Mozambique includes large areas under exploration licence, advanced studies over previously producing assets and joint ventures with other exploration companies.

The company is approximately 38% owned by Kalahari Minerals, the wholly-owned subsidiary of Taurus Mineral, a company formed at the direction of CGNPC Uranium Resources Company Limited and the China-Africa Development Fund.

North River Resources' share price was down 5.88% to 0.40p at 11:21 on Friday.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Leasehold reforms promise the end of a nightmare for many homeowners
Property

Leasehold reforms promise the end of a nightmare for many homeowners

Horror stories about unscrupulous landlords profiting from a legal relic of the feudal era are about to get a happy ending, says Simon Wilson.
16 Jan 2021
Free 6 issue trial then continue to