01/09/2008
AIM-quoted Cape Lambert, headed by seasoned Aussie entrepreneur Ian Burston, proposes to issue shares to the value of US$45 million to Marampa Iron Ore, now wholly owned by fellow AIM counter African Minerals, whose executive chairman is controversial former Regal Petroleum boss Frank Timis. In addition, Cape Lambert will put up £13 million for the first stage of a feasibility study into the project.
A volatile AIM performer, Cape Lambert has seen its shares surge from 11.5p in 2005 to 42.5p last month and now trades at 25p, valuing the company at £97 million. African Minerals is unchanged at 124.5p, valuing it at £199.3 million.
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