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Angus & Ross
- BY: Andrew Hore |
- POSTED: 21/08/2007 |
- COMMENTS: Add yours
St Andrews Mining, a subsidiary of explorer Angus & Ross, has raised £825,000 in a placing ahead of a potential flotation.
St Andrews is exploring for gold in the Matto Grosso area of central Brazil. It also has tantalum interests in the country. The cash will be used to build up the resource base of the business.
The cash wasn’t all outside money. Angus & Ross subscribed for 3.34m shares at 7.5p each. That helped it retain an 81% stake in St Andrews. The rest is owned by its management and other investors.
The placing values St Andrews at £5m. It plans to float in early 2008 so that it can raise cash to develop its gold projects.
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