URA Holdings PLC on Tuesday said that it has raised £280,000 through a placing and subscription.
The Africa-focused mineral exploration company issued 14.0 million new ordinary shares in the capital of the company, at an issue price of 2 pence per share.
The placing and subscription elements of the fundraise were oversubscribed, and were limited by the maximum amount that URA can currently place within its existing disapplication of pre-emption rights authority.
URA also raised £50,000 by way of a convertible loan note with Austin Acquisitions 1 Ltd. This will convert automatically following the next annual general meeting on June 30.
The proceeds of the fundraise will be used to place orders for critical equipment required for the restart of mining operations at the Gravelotte Emerald Mine and for general working capital, URA said.
‘We look forward to progressing into the next phase of mine development to bring forward our planned early move back into production. We remain extremely excited for the future of the company,’ said Chair Ed Nealon.
URA Holdings shares were trading 12% higher at 2.35 pence each in London on Tuesday morning. The company has a market cap of £3.4 million.
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