www.amurminerals.com
Amur Minerals Corporation (AMC) is a rapidly-growing mineral resource exploration and development company focused on base metal projects located in the far east of Russia. The Company has three properties in the region with its principal asset being the Kun-Manie sulphide nickel, copper project located in Amur Oblast. With a JORC compliant resource of over a quarter of a million tons of contained nickel, Kun-Manie is one of the five largest new nickel sulphide discoveries since Voisey’s Bay.
Amur Minerals lifted by successful fundraising
Hard on the heels of their recent £180,000 placing with Wills & Co, Amur Minerals (AIM:AMC) announced yesterday that it had succeeded in raising a further £710,000 by way of a share swap with Grafton Resources Investments Ltd worth £589,000 and a simultaneous placing with Black River, an existing shareholder, to raise £120,900 in cash. Both deals were achieved at 3.9p per Amur share, a 44% premium to the current share price.
Grafton has a current NAV per share of $38.42 and is currently planning a listing in Dublin, which will enable Amur's investment in the trust's shares to be sold to realise cash as and when required. Grafton and the Black River Funds will each hold 9.9% of Amur's enlarged share capital, and presently plan to hold their positions long term.
CEO Robin Young explained: "This combination of cash and shares from two long term investors underpins the financial viability of the company into the foreseeable future. The commitments from the new investor as well as a previous shareholder is reassuring and proves diligent and persistent efforts to raise funds in a challenging market can be rewarded, especially when one has an asset of quality such as Kun-Manie.
"With this newly funded position, we will continue to actively pursue the mining licence at Kun-Manie while simultaneously adding value to the project via the compilation of detailed engineering plans related to future production."
