14 February 2016

Timis scoops £80m

Robert Tyerman

Frank Timis, executive chairman of African Minerals, has secured an £80m fundraising

Frank Timis, executive chairman of African Minerals, has secured an £80m fundraising

Frank Timis’s African Minerals has raised £80 million at £4 for its Tonkolili iron ore project in Sierra Leone.

The AIM-quoted company has secured the funding in an underwritten institutional placing, with the help of Canaccord Adams and Mirabaud Securities, to start infrastructure building at Tonkolili. African Minerals hopes to double a currently estimated resource of 5.1 billion tonnes there to 10 billion tonnes and to start production early next year.

The placing proceeds will go to build a 120 km haul road from the mine site at Tonkolili to the nearest railhead and to refurbish rail and port facilities. In addition, African Minerals has granted options to subscribe for £11.5 million-worth of shares at the placing price to China Railways Materials Commercial Corporation, with which the company already has a supply agreement.

Timis, the controversial former boss of Regal Petroleum and owner of 33.5 per cent of African Minerals, declares that the funding and off-take deals struck for Tonkolili’s output ‘place the company in a very strong position to realise iron ore production from Tonkolili during the first quarter of 2011’.

Floated at 75p three years ago, African Minerals’ shares, which dipped to 20p at one point, have recently been star performers, hitting a 440p high, and now trade at 399.75p, valuing the company at £854 million.

Tags: AIM, Deals & contracts, Fundraisings

Cash Shells 2015

Published in September 2015 this annual research report provides a comprehensive overview of cash shells on the Main Market, AIM and PLUS landscape. Order your copy today

 

Superb investment toolkit for private investors

SharePad is the new web-based service from ShareScope. Easier to use and more powerful. Perfect for tablets, Macs and Windows PC. Covers ALL your investment requirements.

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2015

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1000+ AIM-quoted companies. The full report is available to order for £385 + VAT. Click here for more info

 

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Latest News

Gresham brings private equity expertise to small listed stocks

There are many smaller company funds out there; but the new management of Gresham House Strategic (AIM: GHS) is trying to stand out from the crowd by bringing a ‘private equity’ approach to the public market arena. For investors who supplement their own ‘DIY’ stock picking with selected funds, GHS could be an interesting option.

Diurnal to profit from orphan drugs

Drug developer Diurnal (AIM: DNL) joined AIM a couple of days before Christmas. It already has one product in final phase III clinical trials and another due to start them shortly. So revenue generation at Diurnal should be a lot closer than at many junior biotechs. If all goes according to plan lead product Infacort should hit the market in 2018.

Forbidden focuses on selling

Forbidden Technologies (AIM: FBT) has been around a long time but has failed to generate much in the way of revenues, despite having a product that sounds like it should be a winner. There were board changes last year and new CEO Aziz Musa is shifting resources towards selling and away from technological development. This has to be the right strategy and we should find out if it’s working as this year unfolds.

Wash those nits right out of your hair!

Tyratech (AIM: TYRU) offers a compelling product proposition. Controlling bugs and parasites using conventional pesticides is both harmful to the environment and ineffective. Over the years insects have built up resistance to many of the chemicals used to kill them. So Tyratech’s natural products are not only safer but also a lot more effective than the competition. 

Angling for a cancer breakthrough

Results from medical device manufacturer Angle (AIM: AGL) showed its innovative Parsortix system to be nicely on track. The first commercial sales for research use have just been made and three leading cancer centres are moving forward with trials that will support its clinical use in the diagnosis of ovarian cancer.

2016 Quoted Company Award Winners announced

The 12th annual Grant Thornton Quoted Company Awards took place this week at the Natural History Museum in London. This prestigious event is organised by Growth Company Investor and is a celebration of the success and achievements of the UK’s smaller company sector. We published the shortlisted nominees for each award category earlier in January; so read on to see who the winners were...

More News