www.noventa.net
Noventa's strategy is to be the world's largest, low cost industrial scale supplier of tantalum concentrate, a rare speciality metal widely used in the consumer electronics industry. There is currently a shortage of tantalum supply and stock levels in the industry are being run down. Noventa is in a unique position to expand production to meet the industries needs.
The Jersey based Company's Marropino mine in Mozambique resumed production in April 2010, and the Company has now embarked on a Strategic Plan which it believes will build the foundations of a long-term, profitable, cash generative and sustainable business.
Noventa completes share placing
Tantalum miner Noventa (LON:NVTA, TSE:NTA) today confirmed that it has now completed its US$37.6 million fundraising.
This morning it announced that the 73,600,000 new shares have now been admitted to the AIM market. Last Friday, in its quarterly and six month statement, Noventa noted that a "very difficult" second quarter to 30 June had resulted in a pretax loss of US$2.39 million for the period, with revenues totalling US$0.27 million.
In the statement, Eric Kohn, chairman of Noventa also reveals that an extensive review and update to the budget supporting the company’s business plan has now been completed with the help of its advisers.
The additional requirements that triggered the need for a fundraiser were first discovered and announced in June by Kohn. The needs proved to be significantly greater than previously envisaged by Noventa’s business plan, including in relation to the new process plant at Marropino, and other necessary projects.
With its funding issues now put to rest, Noventa can now charge full speed ahead on its process plant upgrade, and hammer out any issues prior to full ramp-up of its upgraded process plant.
