Abu Dhabi’s IRH explores investing in Alphamin’s Congo tin mines
Alphamin’s tin projects are in North Kivu province, which has been wracked by conflict for three decades.
London and Toronto-listed Noventa announced Friday that it placed 73,600,000 new ordinary shares at a price of 25 pence each with institutions and other investors to raise roughly $30.3 million.
The specialty metal miner with operations in Mozambique is also extending an offer to shareholders to subscribe for a total of 17,500,000 new ordinary shares to raise up to a further US$7.2 million. In London stock in Noventa duly plunged 24% to 27.75 pence in line with the placing price of 25 pence.
Highlights
- Placing to raise approximately US$30,360,000 (£18,400,000) (before expenses).
- Subscription with Clawback to raise approximately US$7,218,750 (£4,375,000) (before expenses).
- Open Offer intended to be launched to give Shareholders the opportunity to participate in the fundraising.
- Net funds to be raised of approximately US$34,875,000 (approximately £21,136,364) should allow the Company to complete the construction and commissioning of the new plant at the Marropino mine by the end of 2011.
- Proposal for Preference Shareholders to have their shares redeemed earlier than previously agreed and to receive new Ordinary Shares in consideration for the redemption.
Pure tantalum is characterised by its high melting point, its exceptional resistance to chemical attack, its capacity to store and release electrical charge and its corrosion resistance. These unique chemical properties have led to its widespread use in the electronics industry, mainly as powder and wire for capacitors in telecommunications devices and implantable medical devices. Tantalum also goes into the manufacture of super alloys, imparting strength and high-temperature resistance against cracking, for use in aerospace and energy generation.
For further details on the offer click here.
