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Alecto raises £300 000 through placing

23rd June 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – London-listed Alecto Minerals has raised £300 000 through the placing of around 21.43% of its shares in issue to support its acquisition programme.

The company issued 300-million new ordinary shares of 0.01p each at a price of 0.1p apiece with an existing institutional investor, the company said on Tuesday.

The proceeds would be used by the West and East Africa-focused mineral exploration company as additional working capital while undertaking due diligence on potential acquisition opportunities as it eyed becoming a gold producer in Africa.

“Alecto is positioning itself for the next stage in its development and I am delighted to have galvanised support from our existing shareholder base for our previously stated strategy,” Alecto CEO Mark Jones said in an update to shareholders.

“The company is actively evaluating acquisition opportunities which we believe could potentially bring us closer to achieving our overall objective of generating revenues through production,” he added.

Meanwhile, Alecto continued negotiations over partnership opportunities for its West African gold portfolio, with further updates expected in due course.

Edited by Creamer Media Reporter

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