Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
My blog:
  • EMED Mining Raises £9.6 Mln To Advance Flagship Mine 0 comments
    Jun 24, 2013 3:41 PM

    EMED Mining (LON:EMED, TSE:EMD) has raised £9.6 mln (US$15 mln) through subscription agreements with two conerstone customers.

    As reported on June 13, the AIM quoted mine developer secured the funds with the issue of loan notes to the two copper buyers - XGC and Red Kite.

    The notes can be converted into EMED shares at a price of 9p per share, which is some 58% above EMED's average share price over the five days prior to that date.

    EMED also said it would increase the amount of copper to be sold from the Rio Tinto mine under off-take agreements as Yanggu Xiangguang Copper (NYSE:XGC) and Red Kite will increase the committed allocation of copper concentrate to 49% of current reserves, up from 34% under previous arrangements.

    EMED managing director Harry Anagnostaras-Adams said today: "EMED Mining has reinforced its preparedness for the restart of the world class Rio Tinto copper project with site works targeted to start by year-end 2013, so that production can start in late 2014.

    "The convertible loan financing demonstrates XGC's and Red Kite's continued support for the company.

    "The company appreciates the support of its business plan from all shareholders. The wholly-owned Rio Tinto copper project is not just a mine but is a world class mining district and its restart and modernisation provides huge potential for all stakeholders for the long term."

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.