Anglesey Mining PLC (LSE:AYM) has raised money and started work on the next stage programmes at the Parys Mountain project on the isle of Anglesey and at Grängesberg iron ore in Sweden.
A placing of shares at 3.4p will raise £768,000, a discount of 5.6% to yesterday’s closing price with CEO Jo Battershill subscribing to £53,000 worth.
Anglesey has appointed a drilling contractor to complete an infill programme at Parys Mountain, with the rig expected to mobilise in the next 3-4 weeks which will coincide with the start of environmental impact studies.
At the Grängesberg project, work to complete a preliminary economic assessment (PEA) is now underway.
Battershill added: “I am very pleased with the funding for a number of reasons.
“ Firstly, the strong demand demonstrates a genuine investor interest in seeing the Parys Mountain and Grängesberg projects advanced through to their next stages of development.
“The initial infill programme [at Parys Mountain] will enable us to convert the remaining portions of the White Rock Zone into the higher confidence Indicated Resource category and provide important geotechnical and metallurgical data, which will provide critical information feeding into the Feasibility Study in 2022.
“For Grängesberg, we are pleased to appoint Micon International to complete the PEA, which I believe will demonstrate just how significant that opportunity could become.”