The natural resources investing company confirmed it was in discussions with its shareholders, funding partners and prospective and new investors in connection with a possible equity fundraising, such as a placing, and investment opportunity in an existing discovery in the African country.
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The AIM-listed firm confirmed it has terminated the discussions in respect of the placing but remains in discussion with one of its funding partners and certain other potential investors in respect of a possible subscription.
It added that the fundraise will likely be concluded at a premium to the current share price at the time of this announcement and it is the intention of the directors to take part.
However there is no certainty the fundraise will go ahead, the company noted.
It also said that it is continuing discussions in respect of the investment opportunity which are at an advanced stage, but there is no certainty that the investment will be made.
Completion of the investment opportunity is not conditional on the fundraise but it is expected that any proceeds would be put towards the investment opportunity and provide the company with additional working capital.
Shares shot up 14% to 4.38p on Thursday before close.