Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

African Consolidated Resources raises funds

African Consolidated Resources raises funds

African Consolidated Resources (LON:AFCR) is to raise £1.90mln (gross) through a subscription offer.

The South Africa focused company has agreed to issue 54.33mln shares at 3.50p each to fund the company’s near term liabilities and progress towards the advancement of its key projects, particularly the Pickstone-Peerless gold project.

The issue has not been underwritten.

African Consolidated Resources said further funding will be necessary in the second quarter of 2013 and that it is exploring all sources of funding.

African Consolidated’s chairman, Roy Tucker, said the subscription and the recent appointment of Craig Hutton as chief executive officer mark a key transformation in the company’s development from an exploration company to a mining company.

The company revealed on Friday that Craig Hutton is taking over as chief executive from Andrew Cranswick, who is stepping down immediately to pursue other business interests.

Hutton has 25 years' experience in the mining sector having worked for Anglo American (LON:AAL), Placer Dome and Harmony Gold (NYSE:HMY).

“Craig's initial focus will be on the advancement of Pickstone-Peerless Gold Project, in which he has already been hugely instrumental, as the project moves towards its production phase targeting 15,000 to 20,000 ounces of gold per annum in the near term," Tucker said.

"As previously reported, Pickstone is an important development for Zimbabwe and it requires full involvement from all stakeholders. Craig, with the support of recently announced management changes in Zimbabwe, will be tasked with ensuring that all stakeholder benefit from this emerging opportunity," he added.

John-H.jpg
Why Invest In Vast Resources PLC? Read More Here

Register here to be notified of future VAST Company articles
View full VAST profile

Vast Resources PLC Timeline

Related Articles

gold_nuggets,_sized_5823aab086374.png
November 09 2016
Shares in Exterra are trading up 7 times year to date, currently priced at $0.07.
Diamonds.jpg
May 18 2016
Golden Saint Resources has raised new money to allow it to proceed with work on its Sierra Leone diamond prospects
Uranium-periodic-table.jpg
April 06 2017
UEX Corp has built an attractive portfolio of projects on the Athabasca Basin and is now pressing forward with exploration work and economic evaluation

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use