Blencowe Resources PLC - mineral exploration company developing Orom-Cross graphite project in Uganda - Notes funding agreements with project partners, raising a total of £1.9 million from a share issue at 5 pence each. Accordingly, issues 25.7 million shares to project partners, 9.2 million via a placing, and 3.2 million via direct subscription. Says the net proceeds of the funding agreements and capital raise will help it to progress the definitive feasibility study for the Orom-Cross project in Uganda.
Chair Cameron Pearce says: ‘The company is pleased to have completed a fundraise that supplements our working capital alongside the recent grant funding received from the DFC. Also, we are delighted that our key project partners are joining the register, and we believe their alignment with our shareholders is a strong endorsement of the considerable and differentiated project value we are building within the DFS and from Orom-Cross generally.’
Current stock price: 4.50 pence
12-month change: down 5.3%
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