Kenmare Resources says it has completed the arrangements for the equity financing of the Moma Titanium Minerals project in Mozambique.
The final component of the Supplemental Placing is now complete, the company said. This placing brings the total funds raised by Kenmare under its Moma project equity financing to the targeted £53m sterling.
A total of 40,380,576 ordinary shares are to be issued at 16 pence sterling a share.
'With the equity financing now successfully behind us, we can focus on building the mine and developing further marketing contracts,' commented Kenmare's Chairman Charles Carvill.
'The market for titanium minerals is strengthening all the time and we want to start delivers as soon as possible,' he added.
