News blog

Weatherly International

• BY: Andrew Hore |
• POSTED: 10/11/2014 |

Copper producer Weatherly International is raising up to £4.7m through a subscription and open offer.

Aim-quoted Polo Resources is subscribing £900,000 for shares at 2.925p each and it will take up £2.22m of shares if they are not subscribed for in the open offer. Polo also has the right to subscribe for a further 30.8 million shares if there is a further fundraising.

The four-for-19 open offer will raise up to £3.8m. Shareholders can apply for more than their entitlement.

The offer price is a 22% discount to the previous closing price. The share price fell 0.63p to 3.13p.

Cash will be used for waste stripping at the Tschudi project in Namibia. The fundraising will enable Weatherly to draw down its $8m facility provided by Orion.

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