MDM Engineering Group (AIM: MDM), the mineral engineering and project management company, joined AIM today after raising £4.4 million at 145 pence per share. Shares in MDM Engineering started trading at 155 pence.
Grant Lowman, Chief Executive, commented:
"We are very pleased with the level of interest the Group has received, and we look forward to the next stage of growth for MDM Engineering. We are positive about the opportunity that exists in Africa's burgeoning natural resources industry and believe that an AIM listing and the proceeds of the Placing will significantly help to achieve our long term goals in an expanding market. We are well positioned to execute on our growth strategy and are confident that MDM Engineering will emerge as a market leader in the mining services industry in Africa."
MGM has an order book totalling four confirmed or active projects and seven scoping and feasibility studies with an aggregate project value of approximately US$400m.