EMED Mining Public Ltd (LON:EMD) said it has completed its previously announced initial public offering in Canada 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. It has started trading on the Toronto Stock Exchange under the ‘EMD’ symbol.
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 has granted its Canadian agents an over-allotment option for a further up to 18,145,500 shares, which could raise an additional up to C$2.5, approximately £1.53 million.
Concurrent with the closing of the Canadian offering, the company has completed a private placement of 60,126,386 ordinary shares at an issue price of 8.5p for aggregate gross proceeds of GBP£5.11 million.
Managing director Harry Anagnostaras-Adams said: "It is pleasing to have successfully closed the capital-raising at the maximum level targeted and that the company is now dual-listed in London on AIM and in Toronto on the TSX."
Last week, EMED Rio Tinto copper mine in Spain took another step closer to re-starting as it the company jumped another bureaucratic hurdle. It announced that the liquidators of the mine’s previous owners do not oppose EMED’s plans to restart the mine.
It has now received the necessary signatures on a statement of non-opposition from the liquidation commission and it has now formally submitted the statement to Andalucia’s regional government – Junta de Andalucia. The Junta requested the non-opposition statement as a prerequisite, before it would consider granting EMED the administrative approval for the project.
EMED now expects the Junta to begin a formal review process to determine whether it should receive the necessary approvals - based on EMED’s legal, technical and economic capacity to operate the Rio Tinto project.