By Anthony O. Goriainoff
London, UK – Capital Metals, an AIM-listed mining company, announced on Monday its plans to raise £364,705 ($477,471) through a subscription. The funds will be utilized to expedite actions towards the removal of the suspension on its industrial mining licenses at a project in Sri Lanka.
The company will issue 36.5 million shares at a price of 1 pence per share, offering a discount compared to Friday’s closing price of 1.05 pence per share. This subscription predominantly targets non-U.K. investors who were previously unable to participate in the GBP500,000 placing announced on June 20.
Investigation into Misappropriation
Following the suspension of its licenses on December 12 at the Eastern Minerals project, Capital Metals has appointed an independent legal officer to investigate misappropriation within the Sri Lankan Geological Survey and Mines Bureau. The investigation is being conducted with the support of the country’s government.
Shares of Capital Metals remained steady at 1.05 pence as of 08:32 GMT.
Capital Metals Public Relations
Telephone: +44 1234567890