Kenmareto raise $97m for titanium project

THE exploration company Kenmare Resources are planning to raise $97 million to fund its titanium extraction project in Mozambique.

Kenmare yesterday said that it has arranged an equity issue to raise $55 million through the placing of shares with institutions and an open offer of a further $42m.

The company will place 187.5 million new shares at 16p a share, with existing shareholders getting 13 new shares for every 27 they hold.