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

Three sustainable stocks that are doing well by doing good
Share tips

Three sustainable stocks that are doing well by doing good

Professional investor Peter Michaelis of the Liontrust Sustainable Investment Team picks three stocks to buy that are helping to create a cleaner, saf…
26 Jul 2021
Share tips of the week – 23 July
Share tips

Share tips of the week – 23 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Jul 2021
Will Zoom’s $15bn purchase help it expand?
Tech stocks

Will Zoom’s $15bn purchase help it expand?

The videoconferencing platform became a household name during the pandemic, but it now needs new sources of growth. Alex Rankine reports
23 Jul 2021
Philip Morris goes “beyond nicotine”
Stocks and shares

Philip Morris goes “beyond nicotine”

US tobacco giant Philip Morris International has agreed to pay £1bn for British inhaler specialist Vectura.
23 Jul 2021

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Why the UK's 2.5% inflation is a big deal
Inflation

Why the UK's 2.5% inflation is a big deal

After years of inflation being a financial-assets problem, it is now an “ordinary things” problem too, says Merryn Somerset Webb. But central banks st…
16 Jul 2021
Three companies that are reaping the rewards of investment
Share tips

Three companies that are reaping the rewards of investment

Professional investor Edward Wielechowski of the Odyssean Investment Trust highlights three stocks that have have invested well – and are able to deal…
19 Jul 2021