Serabi Mining pushes on with open offer after successful share placing
17 November 2009
Serabi Mining, the company behind the Palito gold mining project in Brazil, today launched an effort to raise £317,274 through a 1.5p per share open offer on a 1 for 14 bases.
The move follows last week’s successful share placing and convertible facility deal, which together raised £2.4 million.
Serabi was forced to suspend underground operations at its mine in September 2008 after production levels slumped. Work at the mine had continued since then but Serabi has made no secret of its wish to find a partner for the project or raise more cash.
Mike Hodgson, the company’s chief executive, said: “We are delighted to have completed the placing announced last week and the open offer will enable our smaller shareholders to participate in the company's financing at the placing price.”
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