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Blencowe raises £1.12m to advance Uganda project
Blencowe completed a placing of 21.47-million new ordinary shares to raise £1.02-million. The placing was undertaken by the company’s broker Tavira Financial.
The board and senior executive management have also exercised options through the issue of 1.67-million new ordinary shares, raising a further £100 000.
Blencowe will deploy funds toward the completion of the definitive feasibility study (DFS), scheduled for delivery in the fourth quarter; project financing work streams; and general working capital.
The company says the net proceeds are more than sufficient to complete the DFS, while also providing a clear runway to advance project financing immediately thereafter, following the recent appointment of its project finance adviser.
Blencowe has granted Tavira 1.26-million broker warrants.
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