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Namibian Resources raises £246 400 of new capital

Namibian Resources raises £246 400 of new capital

Photo by Duane Daws

9th April 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Aim-listed Namibian Resources on Wednesday announced that it had raised £246 400 of new capital to fund the company’s coal project in South Africa and cover general overheads.

The funds were raised through the issue of 11.7-million new ordinary shares at a price of 1.25p a share to raise £146 400, combined with an undertaking by the company’s joint venture partner in South Africa, Jay and Jayendra, to contribute £100 000 of funding to Namibian’s 70.1%-owned subsidiary in South Africa, by way of an interest-free advance that was convertible into new ordinary shares of 1p each at a price of 1.25p a share.

Namibian was also applying for the placing shares to be admitted to trading on the Aim, with trading expected to start on April 15.

Following the issue of the placing shares, the company’s enlarged issued share capital would comprise 73.41-million ordinary shares of 1p each.

The company also noted that of the placing shares, 5.76-million were allotted to Namibian director Brian Moritz, resulting in him now holding 24.57% of the company’s issued share capital, while former director Allen Sheppard subscribed for 800 000 placing shares, giving him a 23.05% interest in the company.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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