Anglesey Mining PLC (AIM:AYM) is raising £1mln of additional capital through a share placing and subscription, with the proceeds expected to support its corporate and operational strategy.
The company intends to start drilling the Northern Copper Zone at the Parys Mountain copper/zinc/lead/silver/gold mine on the Isle of Anglesey in North Wales.
Additionally, it plans to advance permitting and an environmental impact and social assessment of the Parys Mountain mine.
It is also earmarked that the company will begin baseline studies for the Grängesberg Iron Ore Mine in Sweden.
Any remaining funds will then be used as working capital.
Stockbroker WH Ireland is arranging the raise, with it acting as bookrunner in an accelerated bookbuild (now underway).
The placing is priced at 1.5p per share, which was a discount of 28.57% from yesterday’s closing mid-market price.