Business
Placing to raise £0.5 million
Placing to raise £0.5 million.
About this update from Kazera Global Plc
[{"type":"text","content":"\n \nRNS Number : 8510T Kazera Global PLC 25 March 2019 \n\n25 March 2019\nKazera Global plc\n \nPlacing to raise £0.5 million\n \n \nKazera Global plc (\"Kazera Global\", \"Kazera\" or \"the Company\"), the AIM quoted investment company who, through its stake in African Tantalum (Pty) Limited (\"Aftan\"), has an interest in the Namibia Tantalite Investment Mine (\"NTI\" or the \"Mine\") in Namibia, is pleased to announce that is has raised £0.5 million before expenses through a placing of 29,411,765 new ordinary shares of 1p each at a price of 1.70p each.\nHighlights:\n· Successful placing to raise gross proceeds of £0.5 million through the issue of 29,411,765 new ordinary shares of 1p each at a price of 1.70p each\n \n· The net proceeds of the Placing will put the Company on a stronger foot to cover its overheads and to continue to progress its drilling campaign of resource identification at Signaalberg and White City deposits, together with advancing discussions with funders for the Orange River Pipeline\nLarry Johnson, CEO of Kazera Global, said:\n\"I am delighted with the continued support that Kazera has received from our shareholders. The proceeds of the placing will be used for working capital purposes and will enable Kazera to continue the drill programme at key targets, Signaalberg and White City, which follows the completion of drilling at Homestead and Purple Haze, where we await the results.\nAs announced last week, we are also conducting discussions with two international groups who have approached the Company with indicative offers for the funding of construction of the Orange River Pipeline to the Mine, as well as offtake proposals. This new funding will further enable this process.\"\n \nPlacing Summary\nThe Placing will raise, in aggregate, £0.5 million before expenses through the placing of, in aggregate, 29,411,765 new Ordinary Shares (the \"Placing Shares\") at a price of 1.70p per share (the \"Placing\"). The Placing Shares to be issued will rank pari passu in all respects with the Company's existing Ordinary Shares and, subject to shareholder approval, will represent approximately 10.1% of the Company's enlarged issued ordinary share capital, following admission of the Placing Shares.\n \nAp...