SolGold said it had entered agreements to place almost 22 million shares at £0.035 per share with UK institutional and other third-party investors, raising AUD1.14m in the process. The company said it intended to use the funds to continue its exploration and project development efforts across projects in the Solomon Islands, Ecuador and Australia.
Edenville Energy, the African energy exploration and development company, rose 5% on Monday morning after it announced "very encouraging" results from analysis of its Mkomolo deposit on the Rukwa Coalfield project in south western Tanzania. The company said he results would have a positive impact on its resource statement when it is updated in 2013.
Solo Oil said it was looking for a partner to participate in the next phase of exploration and appraisal at its Ruvuma product sharing agreement in Tanzania. The firm, which holds a 25% working interest in Ruvuma, said majority stakeholder Aminex had appointed investment bank FirstEnergy Capital to manage the farm-out of up to 50% of the two companies' respective working interests.
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