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North River raises £800 000 for flagship Namibia project

23rd September 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Aim-listed North River Resources has conditionally raised around £800 000 through the placing of 133-million new shares to expedite development at its flagship Namib lead and zinc project, in Namibia.

The placing, which was conducted through the company’s brokers, Ocean Equities and VSA Capital, was oversubscribed.

The funds would be used for, besides other things, drilling and estimation, metallurgical work and the work-up of a feasibility study.

“The Namib project is on schedule and within budget. Our focus has now progressed to increasing the resource and driving the project towards a feasibility study, while managing our finances carefully to keep dilution to a minimum,” commented MD Martin French.

North River disclosed that French and director Brett Richards had each subscribed for 8.4-million ordinary shares in the placing.

Following completion of the placing, French would hold 89-million ordinary shares, representing 7.97% of the enlarged issued share capital, while Richards would hold 22.6-million shares, representing 2.02% of the enlarged issued share capital.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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