News blog
Strategic Natural Resources
- BY: Andrew Hore |
- POSTED: 11/02/2011 |
South Africa-based coal miner Strategic Natural Resources has taken advantage of the doubling of its share price in the past six months to raise £1.08m at 21.6p a share from its black economic empowerment partner.
The shares have been bought by Rapitrade, which acquired 22% of SNR’s coal mining subsidiary Elitheni earlier this year. Rapitrade invested £1.3m at 10p a share at that time.
The cash will finance the development and commercialisation of SNR’s Elitheni coal mine. SNR is discussing potential off take agreements. Management is being strengthened.
At 21.5p a share, SNR is valued at £22.4m.
Evolution was appointed joint broker at the beginning of the month.
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