MARKETS

African Energy investors vote with their pockets

COAL and uranium company African Energy has raised $A15 million in an oversubscribed placement to fund the potential development of its Sese coal property in Botswana by late next year.

Staff Reporter
African Energy investors vote with their pockets

The company placed 30 million new ordinary shares, at a price of 50c per share, with institutional and sophisticated investors from Asia, Europe and Australia.

Lead manager for the raising was Helmsec Global Capital.

The bulk of the funds raised, $6 million, has been earmarked for feasibility studies, with a further $2 million allocated on infill drilling and the balance on trial pit and bulk sampling work, an environmental impact assessment and working capital.

Shares in African Energy were up 2.7% or 1.5c in morning trade to 57c.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalogue of 2022 Initial Resource Estimates and recent discovery successes.