Angel Mining raises £2.1m
Angel Mining, a gold, zinc and lead mining company based in Lincolnshire, has issued a share placing to raise more than £2m.
The Bourne-headquartered company has placed 109.1 million new ordinary shares of 1p each at 2p per share, raising £2.18m before expenses.
The cash was raised to help Angel Mining progress with the construction of its cable car connecting the mine entrance to the Black Angel mine camp. General working capital was also need, said Angel Mining.
An application has now been made for the new ordinary shares to be admitted to trading on AIM and admission is expected to take place on 15 June 2011.
Chief executive Nicholas Hall said: “The Company announced on 31 May that it had successfully poured gold at Nalunaq (in Greenland) and that it will pour gold on a weekly basis from now on.
"Cash generation from gold sales will grow quickly but this additional capital is required to build up production at Nalunaq and to finance the continued development of the high grade Black Angel lead-zinc mine, which is expected to commence production in early 2013."
Fox Davies acted as broker to the placing to institutional shareholders.
