Fox Marble raises £2m in placing

Kosovo-focused marble quarrying company Fox Marble announced the conditional raising of £2m before expenses on Friday, through a firm placing of new ordinary shares at 10p per share and a conditional placing of new ordinary shares, also at 10p per share, subject to shareholder approval.

The AIM-traded firm said proceeds from the placing are intended primarily to fund completion of the factory and employee skills training, to further expand the sales and distribution platforms globally - particularly in North America, India, the Middle East, Balkans and the UK - and provide additional working capital while it develops its sales channels.

"We believe the completion of the processing facility and expansion of our sales and distribution platforms are key milestones for the company,” said Fox Marble CEO Chris Gilbert.

He said the company expects to be able to produce cut and polished marble slabs in Kosovo during the summer, which will significantly boost margins as well as open up the Balkan markets for cutting and polishing of regional stone.

“We have seen significant interest from existing and new customers so far in 2016 and look forward to updating the market on new contracts as and when they materialise,” Gilbert added.

A circular convening the general meeting was being sent to shareholders on Friday, with the meeting to be held in London on the morning of 1 June.