25 May 2012

EMED plans Canadian funding 

05/11/2010 Robert Tyerman

European mineral hopeful EMED Mining intends to raise C$20 to C$35 million (£11.7 to £20.6 million) and to buy into a Portuguese tungsten project.

Based in Cyprus and quoted on AIM, the company will need shareholders' approval for the fundraising, which has yet to be priced and should coincide with a parallel listing for its shares on the Toronto Stock Exchange.

EMED, steered by managing director Harry Anagnostaras-Adams, is soon to start copper production at its Rio Tinto mine in Spain, that country's largest metal deposit. The company has made a 'significant gold discovery' at Biely Vrch in Slovakia, which it plans to develop, and will also seek shareholders' authority to acquire the Regua tungsten project in Portugal for €750,000 (£625,000) in shares or cash.

EMED shares, which have traded between 14.75p and 7.63p over the past year, now change hands at 9.13p. That values the company at £39 million.

Tags: AIM, Commodities, Fundraisings

Sector: Mining

Companies: EMED Mining

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