Anglesey Mining raising £0.42m to fund ongoing work

Anglesey Mining announced plans to raise approximately £0.415m on Friday, through a proposed placing and subscription, to help fund its work at Parys Mountain and Grangesberg.

The AIM-traded company said it was aiming to secure £0.325m from the placing of 32.5 million new shares to institutional and other investors, and an additional £90,000 from a direct subscription of nine million new shares.

It set the issue price at 1p per share, reflecting a 16.67% discount to the closing price on 27 June.

Directors Rob Marsden and Andrew King, along with Energold Minerals, had indicated their intention to participate in the subscription.

The board said the placing would be conducted via an accelerated bookbuild process, managed by WH Ireland.

Proceeds from the fundraising would support developmental work at Parys Mountain, advance options at the Grängesberg Iron Ore Mine, repay debt, and provide general working capital.

The company said it could still need additional funds later in the year to continue its activities.

It said the new shares were expected to start trading on AIM on or around 4 July, subject to necessary approvals and conditions.

At 1130 BST, shares in Anglesey Mining were down 5.73% at 1.04p.

Reporting by Josh White for Sharecast.com.