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(Alliance News) - Contango Holdings PLC noted Thursday's share price fall and said it is not mulling a capital raise.
Shares in Contango were trading 16% lower at 7.67 pence in London on Thursday afternoon, though off a session low of 7.26p.
The firm, which is developing the Lubu coking coal project in Zimbabwe and the Garalo-Ntiela gold project in Mali, noted the share price movement and "speculation of an imminent capital raise".
However, the firm said it is not contemplating a capital raise and remains fully funded to bring the Lubu coking coal project into production by the end of the current quarter, following November's GBP2.5 million placing.
By Lucy Heming; lucyheming@alliancenews.com
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