Shares of Unicorn Mineral Resources PLC (LSE: UMR) surged by over 100% yesterday following the news of Jason Brewer’s appointment as a new executive director and a capital boost of £573,000.
The company is issuing 5.65 million new shares, representing about 20% of Unicorn Mineral Resources, for 6p each. Additionally, £233,456 in convertible loan notes, which can be converted at 8p per share, are also being issued.
Unicorn chair Paddy Doherty expressed satisfaction in a statement, saying, “It’s encouraging to conclude the year with Jason joining as a new director and a fortified balance sheet. Jason’s extensive experience and network in the mining sector, especially in Africa, opens up new avenues for us to grow and enhance our portfolio of mineral rights and licenses.”
Doherty is confident in Jason’s ability to significantly contribute to the company’s growth and success. He also noted that the newly raised funds would support their expansion plans and the ongoing development of the Kilmallock project, which is expected to yield promising results.
Paddy Doherty, through Electro Automation Group, is actively participating in the fundraising, acquiring £150,000 in shares and £61,125 in notes. He is also exercising 900,000 options at 5p each, bringing an additional £45,000 to the company.
Other Unicorn directors, including Dave Blaney, Anthony Legge, and John O’Connor, are also investing in the subscription, with direct participation from company directors accounting for approximately 12.7% of the raise.
Post-fundraising, Doherty will hold a 10.1% stake in the company, while Blaney and O’Connor will have 1.6% and 1.5%, respectively, and Legge will own 0.3%. The new director, Brewer, will have a 0.1% stake through Gathoni Muchai Investments, a Kenyan firm he owns and controls.
Brewer currently holds positions as the CEO of Marula Mining (AIM:MARU), non-executive chair of Neo Energy Metals (LSE:NEO), and executive director of Shuka Minerals (AIM:SKA). Gathoni Muchai Investments, based in Nairobi, has interests in these companies and other sectors, including mining, property, and retail.
