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Creon Resources

  • BY: Andrew Hore |
  • POSTED: 22/06/2012 |

A heavily dilutive fundraising has led to a halving of the Creon Resources share price.

Mining shell Creon is raising up to £12.1m via a 15-for-two open offer at 0.5p a share. Qatar Investment Corporation has agreed to buy shares not taken up by shareholders – although its stake will not go above 75%. The minimum that can be raised is £4.83m. 

The share price fell from 2p to 0.88p, which values the current share capital at £284,000.

If the open offer is not approved by shareholders then chief executive Jeswant Natarajan will invest £100,000 at 0.1p a share.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2012_33.pdf

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