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EMED Mining exercises full over-allotment option after Toronto IPO

|Includes:Western Asset Emerging Markets Income Fund (EMD)

EMED Mining Public Ltd (LON:EMD, TSX:EMD) said the agents that facilitated the recent IPO in Canada have exercised the over-allotment option granted to them in full, raising a further C$2.4 million for the company.

Just before Christmas, EMED completed the IPO in Toronto and the concurrent private placement in London, raising C$24.43 million, approximately £15.3 million, and £5.11 million, approximately C$8.12 million, respectively.

EMED placed 180,970,000 ordinary shares in Canada at an issue price of C$0.135, or approximately 8.5 pence.  It flagged at the end of November it would issue the shares at no less than 8p each, which was in line with the share price then.

It granted its Canadian agents an over-allotment option up to 18,145,500 shares, which was taken up in full.

EMED’s flagship asset is the Rio Tinto copper mine redevelopment project in the Andalucia region of Spain.

Stocks: EMD