FinnAust Mining in talks over share placing

AIM-listed FinnAust Mining said it is in discussions with investors to potentially raise up to £5m from a placing of new ordinary shares to fund feasibility studies, among other things.

The group said the proceeds would also be used to fund an environmental impact assessment, a social impact assessment, a resource assessment and detailed engineering studies at the Pituffik Titanium Project in Greenland, as well as for general working capital purposes.

FinnAust said a further announcement will be made once discussions with investors are concluded.

At 1320 GMT FinnAust shares were up 3.6% to 8.42p.