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UPDATE-Amedeo Resources raises £5.2mln

UPDATE-Amedeo Resources raises £5.2mln

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Amedeo Resources (LON:AMED), an investment company focussed on resources and resources infrastructure, said it raised about £5.2mln through a subscription and placing.

About £3mln was raised through a subscription for 300.5mln shares by Mena Global Investments 1, a Malaysia-based fund. Mena holds about 9.2% of Amedeo’s shares following the subscription and placing.

Proceeds of the subscription will help fund an obligation of YZJ Offshore Engineering (YZJOE), in which Amedeo has a 46.5% stake, to pay up its stake in Jiangsu Yangzijiang Offshore Engineering, a new offshore rig building yard. 

Last month, Amedeo said YZJOE was awarded a conditional US$1.7bn deal to build two semi-submersible drilling platforms.

Proceeds from the placing will provide working capital for MGR Resources, a trader of ferrous metals and ore. Amedeo has a 49% stake in MGR Resources.

The subscription and placing were priced at 1p each. 

Shares in Amedeo moved towards that level, trading at 1.02p on Monday.

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