25 May 2012

Hambledon Mining seeks £9m

14/03/2011 Robert Tyerman

As foreshadowed here, Kazakhstan-focused Hambledon Mining (HMB) intends to raise up to £9.09 million for its Sekisovskoye gold operation. The AIM-quoted company has obtained £7.03 million at 4p, subject to shareholders' approval, and is seeking the rest through an open offer to shareholders of one new share for every 10 held, also at 4p.

Nominated adviser Fairfax is acting as joint broker with Ambrian in this fund raising for Hambledon, which wants to upgrade Sekisovskoye, where it has targeted gold production of 65,000 oz for 2014, rising to 110,000 oz two years later at a three-year capital cost of £19.3 million. Recommended by Growth Company Investor at 5.25p last June, Hambledon shares have traded as high as 8.25p over the past year.

When they slipped to 4.88p earlier this month, we suggested reducing holdings, since when they have eased further to 34.38p, valuing the company at £22.6 million. Hold a residue for ultimate recovery.

Tags: AIM market, Gold, Kazakhstan, Penny shares, Sekisovskoye

Sector: Mining

Companies: Hambledon Mining

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