Papua Mining, a UK company focused on gold and copper deposits in Papua New Guinea, is seeking admission to AIM having placed 15.94m shares with institutional and retail investors.
The company raised in the region of £7.0m after placing the shares at 44p each. Trading in the company's shares on AIM is expected to start on March 2nd.
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Papua Mining holds mining two exploration licences in the West New Britain province on the Papua New Guinea island of New Britain, one of which is under renewal. The group also has one exploration licence in Ambunti which is located in the East Sepik province on the mainland.
The company has also applied for a further 11 licences which, if successful, would result in a total area of 4,394 square kilometres available to the company for exploration.
The funds from the placing, which will amount to £6.2m after expenses, will fund an exploration programme which is already underway, including up to 12,000 metres of drilling over the next two years.
Papua Mining's Nominated Adviser (Nomad) and broker is Cenkos Securities.
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