BMR Group raises more than half funding target

BMR Group revealed the success of its open offer on Thursday, bringing in a little over half of the company's £750,000 target to fund the completion of its pilot plant and construction of its main lead and zinc tailings plant at the Kabwe mine in Zambia.

The AIM-traded firm made gross proceeds of £414,524 through the acceptance of 13,817,453 new shares at 3p per share.

BMR had now applied for the admission of the new shares, which is expected to take place on 19 February. Following admission, the company will have a total of 164,532,905 shares in issue.

"When we announced our placing on 28 October 2015, we undertook to make new shares available to shareholders on a similar basis," said CEO Alex Borelli.

"We are delighted therefore that our existing shareholders have subscribed a further £414,524 to the Company, which will be applied primarily to bring forward the construction and assembly of the main plant once the pilot plant has successfully commenced operations," he added.

Borelli invested £20,000 in the open offer, through the subscription of 666,666 new ordinary shares, comprising his entitlement to 66,666 offer shares and a further 600,000 offer shares under the excess application facility.