London-listed URA has raised £475 000 through the issue of 23.75-million shares at a price of 2p apiece to use as working capital for its 74%-owned Gravelotte emerald mine, in South Africa.
"We are delighted to announce this successful institutional placing. This significant increase in their investment by well-known UK institutions is a testimony to the quality of our assets, our team and the progress we have made and will continue to make as we not only start production but focus on post-production activities like sales, marketing and expansion.
"The proceeds will be used primarily to meet the working capital needs of our operations at the Gravelotte emerald mine once production has commenced and is expected to take us through to first revenue," comments chairperson Ed Nealon.
URA CEO Bernard Olivier on February 19 reported that the company was making continued progress towards the commissioning phase of both the processing plant and the optical sorter at Gravelotte.
The company has about 2 500 t of ore in stockpiles outside the processing plant ready for processing.