Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Watermark in two-stage funding
Acid mine drainage specialist Watermark Global is seeking £630,000 at 0.275p while it awaits approval for its key project in South Africa.
The first tranche, for £280,088, is being raised now. A second tranche, for nearly £350,000, is set for June.
Based in Australia and quoted on AIM, the company’s Western Utilities Corporation subsidiary is leading a £135 million project to clean up the ubiquitous acid waste in South Africa’s mine, supplying the cleaned water to water utilities and dispose of the acid to others. Watermark has won the support of the country’s state-owned Industrial Development Corporation to tackle one of South Africa’s major environmental problems, but managing director Jaco Schoeman has had to contend with frustrating delays in obtaining government approval.
Shares in Watermark, which cut 2009’s interim loss from £1.5 million to £432,000, now languish at 0.45p, a mere fraction of their 10p float in 2006. That values the company at only £1.5 million.
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