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Angel Mining

  • BY: Andrew Hore |
  • POSTED: 10/04/2012 |

Greenland-focused minerals producer and explorer Angel Mining has raised £1m through a placing at 1.4p a share.

A further £259,000 was raised at 1.66p a share from the Standby Equity Distribution Agreement with Yorkville. The cash will be used to make a repayment on the promissory note facility with Yorkville. At the current market price of 1.52p a share, Angel is valued at £13.8m.

The main generator at the Nulunaq gold mine has been repaired and ore processing has resumed. It will take a fortnight to fully recharge the plant and a further 10 days before the first gold pour in early May. A larger storage area for the tailings is being constructed.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf

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