African Minerals raises new cash to fund Tonkolili work
Friday, October 10, 2008
African Minerals, the mining group working in Sierra Leone, has raised £20 million in a cash placing as part of efforts to progress the drilling campaign at its iron ore project at Tonkolili.
A total of 26,666,700 new shares of the company were placed jointly by Mirabaud Securities and Renaissance Capital at a price of 75 pence per share.
In July, African said test drilling at Tonkolili had identified magnetite iron ore mineralisation in banded iron formation over significant strike lengths and widths.
African said it would now work to define the resource and advance the project into the feasibility study stage. The new cash will also help fund some planning and construction work on additional infrastructure facilities in Sierra Leone.
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