Cambrian lifts raising

AIM-listed Cambrian Mining has increased its share placement in response to heavy over-subscription to raise £15.2 million.

Angie Tomlinson

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.