African Minerals raises $307m through placing shares

African Minerals has announced that it has successfully raised approx. $307m (£191m) through a placing of 45m new ordinary shares of $0.01 each at a price of 425p per share.

Payment and delivery of the shares is expected to take place on 18 November 2010, subject to customary conditions, including absence of any material adverse change, no breach of warranties and the shares being admitted to trading on AIM.

Application has been made for listing and admission to trading of the shares on AIM, which are also expected to take place on 18 November.

After settlement, African Minerals’ total issued share capital will comprise 317,575,943 shares.