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EMED Mining lifted by EGM approval for funding of Rio Tinto, Detva projectsAugust 12 2009, 2:44pm
Shares in EMED Mining Public Ltd (AIM: EMED) held onto gains throughout the London session today after saying this morning that shareholders at its EGM approved the issue of 38.1 million shares to raise £2.7 million net for progressing the Rio Tinto copper project in Andalucia, Spain, and paying off a loan to avoid shareholder dilution.
The stock was still trading up 6.25 percent in midafternoon deals.
EMED said today it has made significant progress over recent months at Rio Tinto and the company is enjoying a collaborative professional relationship with the authorities. The recent strong rise in copper prices and a good outlook for demand in the metal adds to EMED’s confidence about Rio Tinto.
Money from the placing will also help to fund its on-going drilling programme at the Detva gold project in Slovakia.
Managing Director Harry Anagnostaras-Adams said: “This funding will allow us to continue towards our goals of restarting production at the Rio Tinto mine and further developing our gold prospects in Slovakia where we are completing the scoping study on the potential gold mine development to follow after the proposed copper start-up in Spain.”