Avesoro Resources Inc. (DI) (ASO)

Sector:

Mining

Index:

FTSE AIM All-Share

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 69.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 205.50
  • 52 Week Low: 31.50
  • Currency: UK Pounds
  • Shares Issued: 81.58m
  • Volume: 5,177
  • Market Cap: £56.29m
  • RiskGrade: 752
  • Beta: 0.00

Aureus Mining secures $30m equity financing

By Michele Maatouk

Date: Wednesday 15 Jun 2016

LONDON (ShareCast) - (ShareCast News) - Aureus Mining has secured equity financing of $30m with MNG Gold Jersey, which it said will strengthen the balance sheet and fund working capital as it completes the restart of the processing plant at the New Liberty gold mine in Liberia.
The $30m equity investment at 3.21p per share represents a premium of 22.3% to the closing price on AIM on Tuesday.

MNG Gold will become a 55% shareholder in Aureus and appoint three representatives to the board.

The shares to be placed with MNG Gold will be in two tranches, one of 59.5m shares and one of 331.1m, all at 3.21p per share.

Following the completion of the placing, Aureus will have a new management team, with Serhan Umurhan to be appointed chief executive officer as current CEO David Reading resigns.

Geoff Eyre, currently chief financial officer of MNG, will be appointed CFO of Aureus, while current CFO Paul Thomson will resign but stay on for 12 months in a consultancy role.

Aureus said funds raised will be used to reduce outstanding creditor balances, bolster working capital and facilitate the ramp up of the processing plant which is scheduled to be restarted from mid-June 2016.

Chairman David Netherway said: "Our board formed a Special Committee in January of this year to conduct a review of the strategic options available to enhance shareholder value. We believe that this transaction, which will result in MNG Gold becoming a major shareholder, will provide Aureus with an exciting future as we prepare to restart production at New Liberty and aim to optimise the asset to deliver on its full potential.

"MNG Gold has strong financial backing, operational experience and is an existing operator in Liberia. This transaction will recapitalise the company and places it in a much stronger position to move forward."

At 1545 BST, Aureus shares were up 33% to 3.50p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ASO Market Data

Currency UK Pounds
Share Price 69.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 205.50
52 Week Low 31.50
Volume 5,177
Shares Issued 81.58m
Market Cap £56.29m
Beta 0.00
RiskGrade 752

ASO Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
Market averageMarket averageMarket averageMarket averageMarket average
42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average
Price Trend
3.68% below the market average3.68% below the market average3.68% below the market average3.68% below the market average3.68% below the market average
74.8% below the sector average74.8% below the sector average74.8% below the sector average74.8% below the sector average74.8% below the sector average
Income Not Available
Growth
Market averageMarket averageMarket averageMarket averageMarket average
45.16% above the sector average45.16% above the sector average45.16% above the sector average45.16% above the sector average45.16% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 1
Sell 0
Strong Sell 1
Total 3
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

ASO Dividends

No dividends found

Trades for 16-Aug-2019

Time Volume / Share Price
16:06 1,093 @ 69.85p
16:01 1,093 @ 68.10p
15:01 52 @ 68.10p
14:48 50 @ 68.10p
10:02 950 @ 68.10p

ASO Key Personnel

CEO Serhan Umurhan
CFO Geoff Eyre

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