News blog
African Eagle Resources
- BY: Andrew Hore |
- POSTED: 09/08/2009 |
African Eagle Resources says that its open offer was oversubscribed and it raised the full €2.5m (£2.14m).
This vindicates the company’s desire to give existing shareholders the chance to provide the additional cash it needs. Some shareholders subscribed in the placing that raised £1.2m while other shareholders were not able to apply for shares via the open offer. For example, South African shareholders could not apply due to JSE rules. That means that the remaining shareholders must have been keen to acquire more shares and they had to be scaled back.
Most of the cash will be spent on the Dutwa nickel project in Tanzania but African Eagle has had positive news about its nearby Zanzui nickel project. Nickel extractions are averaging 71% and acid consumption is lower than at Dutwa. Zanzui may be a larger deposit than Dutwa although the grades appear slightly lower.
At 4.875p a share, African Eagle is valued at £14.5m.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|