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Amur Minerals Corporation

  • BY: Andrew Hore |
  • POSTED: 07/02/2012 |

Amur Minerals Corporation has raised 5.48m at 8p a share and this will help fund the development of the Kun-Manie nickel and copper project.

This follows the appointment of Merchant Securities as joint broker with RBC.

Once all the 2011 exploration results have been assessed new JORC resource and reserve estimates will be calculated. The cash will finance additional scoping studies.

The 2012 field exploration programme includes 7,000 metres of drilling.

The cash has come from existing and investors. Lanstead Capital subscribed for 4.86m of the shares. This was facilitated by Russian regulations allowing one shareholder to own up to 25% of a company, up from 10% previously. An equity swap agreement with Lanstead, which received 6.07m shares in consideration for the agreement, means that Amur can claw back some of the placing shares if the share price is higher than 10.67p a share in any of the next six months.

At 8.5p a share, Amur Minerals is valued at 23.7m.

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