Austria-focused miner Centurion Resources plans to raise £1m and join Aim on 8 November.
Centurion will be capitalised at £2.28m at the placing price of 1p a share. Aim-quoted Alecto Minerals owns 5m shares but its stake will be diluted from 8.84% to 2.19%. Alecto’s company secretary Greg Kuenzel is a non-executive director of Centurion and he is responsible for finance.
Centurion has been on Aim before under the names of Sweet China and then Charles Street Capital. A year ago when Charles Street lost its Aim quotation it was going to buy Bulgarian Mining Resources, which owns the Lehovo precious and base metal project in the Serbo-Macedonian Massifs in south west Bulgaria. The project has gold, silver, molybdenum, lead and zinc and three prospective targets had been defined. This deal did not happen.
Centurion turned its attention to the Mitterberg copper project and it acquired an 80% stake in return for 550m shares at 1p each. Centurion has the option to buy the other 20% for £400,000 in cash and shares. Mitterburg is a copper mine that used to be in production. The initial cash raised in the flotation will be used for surveying and drilling in order to assess the resource.
Centurion’s executive chairman is Peter Landau, who is also a director of Range Resources, Black Mountain Resources and Continental Coal. Alastair Clayton is chief executive.
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