25 May 2012

Herencia raises £2.8m

24/06/2011 Robert Tyerman

Chile-focused Herencia Resources (HER) has secured £2.8 million at 2.25p to develop copper, gold, silver, zinc and lead projects.

Broker WH Ireland raised the money from several sources, including major metals group Nyrstar, the AIM-quoted company's largest holder with 10.15 per cent, and Chilean family investment fund Megeve Investments.

West Australia-based Herencia, steered by managing director Michael Bohm, says it will use the placing proceeds to prepare its Guamanga copper-gold project for initial drilling in the fourth quarter of this year, explore a new vein around a high-grade zinc, silver and lead intersection at another prospect, Patricia, and drill a deep exploration hole at its La Rosa porphyry target.

Highlighted by Growth Company Investor at 0.74p last year, Herencia shares later hit 4.05p and now trade at 2.48p, valuing the company at £31.2 million. Partial profit taking might be prudent, while keeping a chunk for potential further growth. 

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Tags: AIM market, Chile, Copper and gold, Michael Bohm, Nyrstar

Sector: Mining

Companies: Herencia Resources

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