Anglesey to raise cash to fund Parys Mountain project optimisation study
Anglesey Mining on Monday confirmed that it had placed more than 9.3-million new ordinary shares, representing about 5.3% of the company’s current issued share capital, at 2.135p a share to raise about £200 000 gross and £180 000 net of capital.
The placing price represents a discount of about 9.1% to the closing middle market price of 2.35p an ordinary share at the close of business on April 26.
The proceeds will be used for the development of its 100%-owned Parys Mountain zinc/copper/lead deposit in North Wales, as well as for general working capital.
The Parys Mountain property is a significant zinc, copper and lead deposit with small amounts of silver and gold, with a reported resource of 2.1-million tonnes at 6.9% combined base metals in the indicated category and 4.1-million tonnes at 5% combined base metals in the inferred category.
An optimisation study for the project is currently being prepared by QME Mine Engineering Services and this is expected to be completed by the middle of this year.
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