News blog
Watermark Global
- BY: Andrew Hore |
- POSTED: 20/05/2009 |
Watermark Global wants to raise up to £2m at 0.5p a share to finance the detailed feasibility study for its acid mine drainage project in South Africa.
The DFS will help to calculate the cost of the construction of the 75ML water treatment plant and a by-product recovery plant. The study will then be used to obtain finance for the project. The DFS should be completed in the third quarter of 2009 and construction could start soon afterwards. It will then take 12 months to construct and commission the plant.
Cenkos has already placed 241m shares but a minimum of 320m shares need to be placed in order for the placing to go ahead. That is because this is the minimum needed to finance the DFS.
Peregrine Corporate, which is already a major shareholder with 26.2% of Watermark, is subscribing for 100m shares.
The costs of the placing will be £120,000.
Shares in Watermark fell 0.15p to 0.9p each, which values the existing share capital at £2.3m. The placing will be highly dilutive because it will more than double the number of shares in issue.
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