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China Goldmines is a cash shell. It was originally set up to invest in gold exploration in China. The company’s main mine was raised by fifty or more robbers in May 2009 and it needed additional investment. The Chinese mining assets were sold for a total of $25.7m in September 2009. There are warranties of $10m that expire in September 2010. China Goldmines raised £4.5m (£3.7m net) at 60p a share when it joined Aim on 7 February 2006 and this was followed by a £1.26m placing at 140p a share in August 2007. In September 2007, a placing raised £30m at 120p a share.
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