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Berkeley Mineral Resources

  • BY: Andrew Hore |
  • POSTED: 13/08/2010 |

Berkeley Mineral Resources has raised £2.05m at 1.5p a share.

For every two placing shares, subscribers will receive a warrant for a share exercisable at 3p. BMR raised £250,000 at 2p a share in June.

The cash will be used to exercise the option to secure the rights to the lead and zinc tailings dumps at the Kabwe Mine in Zambia. Due diligence is being carried out and the option should be exercised by 19 August. The option cost $100,000 and a further $3m will be paid to take it up.

There are estimated to be 7m tons of lead and zinc tailings at Kabwe. Production from the tailings could commence in September.

At 1.85p a share, BMR is valued at £10.8m.

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