News blog

Sula Iron and Gold

• BY: Andrew Hore |
• POSTED: 03/10/2012 |

Sula Iron & Gold is on course to join Aim on 9 October.

Sula is raising £1.15m at 6p a share, which will value the mining company at £7m. Back in the summer, when Sula raised £300,000 from a convertible loan note with a conversion price of 5p a share, there was talk of a fundraising at 7.5p a share

The Sierra Leone-focused explorer was formed in October 2011 in order to acquire and develop gold licences. The main interest is a 153 square km licence with potential for iron ore and gold. The licence area is near to an iron ore mine owned by African Minerals.

Plus-quoted Hot Rocks Investments, where Sula non-executive Gavin Burnell is a director, owns 15.8% of Sula and Aim-quoted Legendary Investments also has a small stake having invested £50,000 at the equivalent of 5p a share.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2012_36.pdf