https://www.engineeringnews.co.za

Beacon Hill raises £1.25m

15th September 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed Beacon Hill Resources has entered into conditional subscription agreements with certain institutional investors, arranged by and including Darwin Strategic, to place up to 1.25-billion ordinary shares in the company to raise about £1.25-million.

The net proceeds of about $1.9-million, in addition to the company’s $1.6-million in existing cash, were required to provide Beacon Hill with adequate working capital to the end of the fourth quarter of the 2014 calendar year. This was the final target drawdown of $20-million in senior debt to be used to expand the company’s Minas Moatize wash plant, in Mozambique.

In addition, Beacon Hill stated that it would also grant warrants on the basis of one warrant for every two placing shares to the subscribers of the new shares.

These warrants would be exercisable at a price of 0.35p a share for three years.

The fundraising was still subject to certain conditions, including shareholder approval.

Edited by Tracy Klückow
Creamer Media Contributing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

The Beneficiation Academy
The Beneficiation Academy

The Beneficiation Academy is a certified training institution that follows all compliance legislation and is accredited with various Sector...

VISIT SHOWROOM 
The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.081 0.519s - 140pq - 2rq
Subscribe Now