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Amur Minerals raises £0.5mln through placing to progress development of Kun-Manie project

"The fundraise strengthens the Company's financial position as we continue our work on the TEO workstreams, and the follow on DFS"

Pound sterling

Amur Minerals Corporation LON:AMC) (OTCMKTS:AMMCF), the nickel-copper sulphide mineral exploration and development company focused on the far east of Russia, has raised £0.5mln, before expenses, through a share placing to progress the development of its Kun-Manie project.

The placing of 47,619,048 ordinary shares of no par value at a price of 1.05p each was undertaken by SP Angel acting as the company’s broker.

READ: Amur Minerals to raise £750,000 via share placing

In a statement, Robin Young, CEO of Amur Minerals Corporation, commented: "The fundraise strengthens the Company's financial position as we continue our work on the TEO workstreams, and the follow on DFS. We will update the market with the progress of these various workstreams in due course."

Aside from the development of the company's Kun-Manie nickel-copper sulphide project, the proceeds of the placing will also be used for general working capital purposes.

In early trade on Wednesday, Amur shares were trading at 1.25p, down 19% on Tuesday's close.

Quick facts: Amur Minerals Corp.

Price: 2.455 GBX

LSE:AMC
Market: LSE
Market Cap: £23.77 m
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