Amur Minerals Corporation LON:AMC) (OTCMKTS:AMMCF), the nickel-copper sulphide mineral exploration and development company focused on the far east of Russia, has raised £0.5mln, before expenses, through a share placing to progress the development of its Kun-Manie project.
The placing of 47,619,048 ordinary shares of no par value at a price of 1.05p each was undertaken by SP Angel acting as the company’s broker.
In a statement, Robin Young, CEO of Amur Minerals Corporation, commented: "The fundraise strengthens the Company's financial position as we continue our work on the TEO workstreams, and the follow on DFS. We will update the market with the progress of these various workstreams in due course."
Aside from the development of the company's Kun-Manie nickel-copper sulphide project, the proceeds of the placing will also be used for general working capital purposes.
In early trade on Wednesday, Amur shares were trading at 1.25p, down 19% on Tuesday's close.