1 October 2016

Timis scoops £80m

21/01/10 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

Change at the top of Clinigen 28/09/16

Fast-growing specialist healthcare company Clinigen has announced a change of CEO alongside its annual results. Peter George is to step down but will remain on the board as a non-executive director. His deputy Shaun Chilton steps up to the CEO’s chair.

A gold medal ingredient 22/09/16

It’s hard work building a consumer brand, but Science in Sport is giving it a good go. The company has developed a range of sports nutrition products which have credibility from elite athlete users who won 34 medals at Rio.

A solid year at Brooks MacDonald 21/09/16

Fund manager Brooks MacDonald has recorded a solid year of asset growth. Funds under management grew by almost 12 per cent overall, which was a good result against a tricky market backdrop.

Styles & Wood upgraded on deal 21/09/16

Styles & Wood shares have doubled in value over the last six months as the strategy to diversify the customer base and focus on profits rather than revenue growth has gained momentum. A good set of interim results has just been followed by an earnings-enhancing acquisition.

Where's the beef? 15/09/16

Crawshaw Group shares have come crashing back to earth following a profit warning. When a highly rated growth stock hits an air pocket you run the risk of a big correction and the shares have fallen 40 per cent today.

Safestay hurt by downgrade 13/09/16

Hostel operator Safestay has released a slightly disappointing set of interim figures. Rather than becoming profitable this year there is now likely to be a small loss and the market has consequently cut back profit forecasts for the following years.

More News