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Orosur Mining raises £4m from share issue; commences drilling in Colombia
StockMarketWire.com
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Orosur Mining said it had raised £4 million from a share issue as it advanced its Anza project in Columbia.
New shares in the company were offered at 17p each together with one unlisted warrant for every two placing shares.
Orosur Mining said the proceeds would fund general working capital, strengthen its position at Anza and to allow for the evaluation of other exploration projects.
The company said drilling at Anza commenced as planned on 15 November and was progressing well.
A second drilling rig had arrived on site and, once required logistical requirements were fully in place, was anticipated to commence operation within the next seven days.
'We are pleased and excited by the positive response from the investment community, as testament to how well the Anza project is viewed,' chief executive Brad George said.
'This oversubscribed placement strengthens our balance sheet and will allow us to sustain our position with respect to the Anza JV for some considerable time as the current drilling program ramps up and continues into 2021.'
At 9:30am: (LON:OMI) Orosur Mining Inc share price was 0p at 24.55p
Story provided by StockMarketWire.com
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