25 May 2012

Miners tap the market

15/04/2010 Robert Tyerman

AIM-quoted Firestone has raised £9.5 million to advance projects

AIM-quoted Firestone has raised £9.5 million to advance projects

AIM counters Firestone Diamonds and EMED Mining are raising £9.5 million and £8.8 million respectively to advance their projects.

Firestone is obtaining its money through a placing at 31.5p, handled by Evolution Securities, chiefly to bring its promising BK11 diamond project in Botswana into production before the end of June. The company’s chief executive officer Philip Kenny says Firestone, whose shares are strong at 38.5p, is progressing talks with its bankers in Botswana about debt financing and adds the placing proceeds and cash flow from first production will allow Firestone to speed up developing its portfolio of more than 100 potentially gem-bearing kimberlites there.

Cyprus-based EMED has secured its funds at 10.5p in a placing handled by broker Fox-Davies Capital, principally to fund maintenance, planning and permitting at its Rio Tinto copper project in Spain. Some of the proceeds will go towards developing the company’s gold prospects in Slovakia.

Harry Anagnostaras-Adams, EMED’s managing director, points out Canadian institutions have come aboard for this placing, which sees the shares firm at 11.75p.

Tags: AIM, Commodities, Fundraisings

Sector: Mining

Companies: Firestone Diamonds , EMED Mining

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