AIM-listed Cambrian Mining has increased its share placement in response to heavy over-subscription to raise £15.2 million.
Cambrian originally proposed raising £12 million on January 19, but has now increased the placing from six million units to 7.6 million at £2 each.
Funds raised will be used to subscribe for units in Western Canadian Coal Corp. (WCCC) at C$6.10 per unit pursuant to WCCC's proposed C$100 million financing, and to provide additional working capital.
Cambrian holds a diverse portfolio of coal, precious metal and base metal assets across North America, Australia, Africa and the Indian subcontinent.
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