Gulf starts at Sheikh Adi-2 25/05/2012
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Titanium Resources scoops £11.4m
Sierra Leone-focused Titanium Resources (TXR) has raised £11.4 million to repay part of a loan provided by the West African country's government. The British Virgin Islands-based mining company has secured this funding, at 10p a share, through Mirabaud Securities, and will change its name to Sierra Rutile.
The placing follows the breakdown of an agreement by which the Sierra Leone government was to have converted £13.6 million of its original £32 million loan, plus interest, to the company's local subsidiary into shares in the parent. That would have made the government its biggest single shareholder.
Instead, the placing proceeds will now reduce AIM-quoted Titanium Resources' outstanding debt to the government by some 36 per cent, reducing future cash outflows of principal and interest and freeing money for the company's operations on the ground. Among placing subscribers, Swiss-based Pala Investments, which bought celebrated wheeler-dealer Jean-Raymond Boulle's 29.8 per cent holding late last year, will emerge with 38.15 per cent of the company.
Steered by chief executive offcer John Sisay, Titanium Resources/Sierra Rutile is Sierra Leone's biggest exporter and largest private sector employer. Last month, the company announced formal resource estimates of 27,095 tonnes of heavy minerals at a grade of 6.1 per cent, 7,289 tonnes of rutile at 1.42 per cent, 3,260 tonnes of ilmenite at 0.74 per cent and 1,385 tonnes of zircon at 0.31 per cent.
Floated at 47p six years ago, Titanium Resources shares have hitherto had a rough ride, falling to 5.75p within the past year. The placing deal has sent them bouncing up by 8.5p to 19.13p, valuing the company at £74 million and offering speculative potential.
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