Amur Minerals Corporation (“Amur” or the “Company”), the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, announced yesterday that it has raised £6.1 million (approx. US$7.97 million), before expenses.
Through the placing of 348,571,421 new ordinary shares of no par value of the Company (the “Placing Shares”) at a price of 1.75 pence per Placing Share (the “Placing”).
The proceeds of the Placing will be used, in part, to subscribe for US$4.67 million in secured convertible loan notes (“CLNs”) in Nathan River Resources Pte Limited (“Nathan River Resources” or “NRR”) which owns the Roper Bar Iron Ore Project (the “Project” or the “Roper Bar Project”) located in the Northern Territory in Australia . The remaining US$3.26 million will be used to fund the continued development of the Kun-Manie nickel copper project, general working capital and to pay expenses relating to the Investment and the Placing.
Adam Habib, Advisor to the Board of Amur Minerals Corporation, commented :
“Working with Glencore we have been able to co-invest in the Roper Bar Project which presents Amur with a potentially transformational investment opportunity, that will provide Amur with an income stream via the convertible bond leading to an equity stake in a significant iron ore asset that looks to provide real long term value.
Iron ore has been performing very well with demand out of China expected to remain strong as continued stimulus measures are taken by the Chinese and other Governments.”
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