14/08/2008
Recent AIM recruit Iofina has acquired a new 30,000-acre gas and iodine prospect in the US state of Montana.
Iofina, which raised £55 million with an AIM float at 55p in May, is pursuing gas and iodine prospects in the mid-western USA. The company has named its new area the Triton Prospect and says it was able to buy it ‘on favourable commercial terms’ because brine water makes it unviable without using Iofina’s proprietary ‘Wellhead Extraction Technology’.
Shares in Iofina have been volatile since flotation, surging to 93.5p in June before subsiding back to 55p now. That values the company at £51.6 million.
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