11/12/2006 - 10:05

Abra Mining raises $2.2m in first stage of $8m Chinese deal

11/12/2006 - 10:05

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West Perth-based minerals explorer Abra Mining Ltd has raised $2.2 million from China-based investment group AP Energy Investments Ltd for 9 million shares, in the first stage of a funding arrangement announced in November

Abra Mining raises $2.2m in first stage of $8m Chinese deal

West Perth-based minerals explorer Abra Mining Ltd has raised $2.2 million from China-based investment group AP Energy Investments Ltd for 9 million shares, in the first stage of a funding arrangement announced in November

 

The full text of a company announcement is pasted below

Abra Mining is pleased to advise that it has received funds totalling $2,250,000 from AP Energy Investments Ltd and have issued 9,000,000 fully paid ordinary shares at $0.25 each in accordance with Listing Rule 7.1.

This placement of shares completes the first part of a Funding Arrangement with AP Energy whereby:

- AP Energy has agreed to invest $7,980,000 by subscribing for shares in Abra at an average price of $0.275 per share.

- AP Energy has agreed to enter into a Strategic Alliance with Abra to jointly acquire, explore and develop resource projects in Australia and Asia.

The funds are to be used for resource definintion of the Abra base metals deposit, exploration of project areas and identification of further mining opportunities.

Full details of the Funding Arrangement and Strategic Alliance with AP Energy were released to ASX on 23 November 2006.

 

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