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.
African Energy investors vote with their pockets African Energy investors vote with their pockets African Energy investors vote with their pockets African Energy investors vote with their pockets African Energy investors vote with their pockets

 

Staff Reporter

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.

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