Kenmare, a FTSE 250 miner, has successfully completed the placing of 120m new shares at Stg32p each, representing around five per cent of the ordinary capital of the company.
The placing has raised £38.4m before expenses, which will be used, together with cash flow from operations, primarily to ensure that the Phase II Expansion is completed on schedule. Up to $30m of the placing proceeds is expected to be applied to meet the expansion costs.
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