logo-loader

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

Published: 03:54 27 May 2020 EDT

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.

Poseidon Nickel signs binding agreement with Mineral Resources to divest...

Departing Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) CEO Craig Jones and incoming CEO Brendan Shalders join Proactive’s Jonathan Jackson to discuss the divestment of Lake Johnston to Mineral Resources Ltd (ASX:MIN). Jones, who has played a pivotal role in this strategic move, shared insights on...

5 hours, 49 minutes ago