Shares in Chesterfield Resources PLC (LON:CHF), a copper-gold explorer active in Cyprus, were trading below the recent placing price on Tuesday.
The company’s shares, which were suspended from the official list in early November of last year, resumed trading at 6.5p after the company raised £1.1mln last Thursday by placing shares at 7.5p a pop to fund the acquisition of HKP Exploration.
The principal activity of HKP is the exploration for natural resources in Cyprus. Between February and April 2017, HKP made successful applications to the Mines Service of the Ministry of Agriculture, Rural Development and Environment of the Republic of Cyprus for seven prospecting permits.
Between January and March 2018, HKP made applications to the authorities for a further six prospecting permits; it is awaiting on the outcome of these applications.
The HKP portfolio, comprising a mineral resource of 1,000,000 to 5,000,000 tonnes from multiple prospects at 2% copper, is considered by the directors of Chesterfield to be highly prospective, primarily for copper and gold.