25 May 2012

Amur scooops £2.5m

22/03/2011 Robert Tyerman

Nickel play Amur Minerals Corporation (AMC) has raised £2.5 million from shareholder Lanstead Capital for its Kun-Manie project in Far East Russia. The AIM-quoted company, which has applied for a mining licence over the project, has secured the money at 10p, nearly twice the price of its £2 million placing October, through brokers RBC Capital Markets and Hybridan.

Chief executive officer Robin Young says investment group Lanstead's support will allow Amur to accelerate and undertake additional exploration and evaluation at Kun-Manie. The company is also issuing another £250,000 in shares plus a £50,000 fee to Lanstead under an equity swap agreement.

Floated at 33p in 2006, Amur shares slid all the way to 3.88p in the past year. Now 12.63p, valuing the company at £32.6 million, they offer speculative possibilities despite the obvious exploration risk.

Tags: AIM market, Far East Russia, Nickel, Penny shares, Robin Young

Sector: Mining

Companies: Amur Minerals

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