Anglesey Mining raises £0.22m to support project development

Anglesey Mining announced a fundraising of £0.22m on Wednesday, to support its ongoing development and operational strategy.

The AIM-traded firm said the funds were being raised through the direct subscription of 22 million shares at a price of 1p each, and followed its earlier fundraising efforts in June.

It said the proceeds would be allocated towards several key projects, including developmental work at the Parys Mountain project and advancing options at the Grängesberg Iron Ore Mine.

Additionally, the funds would be used for debt repayment and general working capital purposes.

The company indicated that while it was exploring several initiatives to strengthen its cash position, it might need to secure further funding by the end of the year to continue its activities if those efforts did not materialise.

Application had been made to the London Stock Exchange for the new shares to be admitted to trading on AIM, which was expected on or around 30 September.

Following admission, Anglesey Mining's total number of shares in issue would be 483,593,017.

At 1156 BST, shares in Anglesey Mining were down 19.26% at 1.09p.

Reporting by Josh White for Sharecast.com.