Mining company Glencar has announced the conditional placing of 18,002,000 new ordinary shares of nominal value €0.031 in the capital of the company at STG£0.07 per share, equating to approximately 8.69% of the existing issued share capital of the company and raising in aggregate £1.26m (€1.8m) before expenses.
The new shares will, when issued and fully paid, rank with the existing issued ordinary shares. The placing is only conditional on the new shares being admitted to trading on AIM.
Application will be made to the London Stock Exchange and to the Irish Stock Exchange for the new shares to be admitted to trading on the AIM Market of the London Stock Exchange (AIM) and on the Irish Enterprise Exchange of the Irish Stock Exchange (IEX). Dealing is expected to commence in these shares on February 23.
Glencar intends to use the proceeds of the placing to fund the development of its exploration assets in Mali and Ghana and for general corporate and working capital purposes.