Fox Williams acted for Fox-Davies Capital on the recent £5.5 million placing for EMED Mining Public Limited (“EMED”) and £4.5 million placing for KEFI Minerals plc (“KEFI”).
KEFI, an AIM-quoted gold and copper exploration and development company, used the placing proceeds to fully finance the acquisition of 75% of the issued share capital of Nyota Minerals (Ethiopia) Limited, the owner of the Tulu Kapi licence and a subsidiary of AIM-listed Nyota Minerals.
EMED is a dual TSX and AIM listed, Europe-based minerals development and exploration company. The net proceeds of the placing will be largely applied in funding engineering and related works in connection with the re-start of the Rio Tinto Copper Project in Spain and for general working capital.
The Canadian element of the EMED placing was undertaken by Canaccord Genuity. EMED also agreed to grant to each of Fox Davies and Canaccord warrants equal to 5% of the placing shares subscribed by investors procured by them, each warrant exercisable for one new ordinary share at the placing price.
Head of Capital Markets Richie Clark and Senior Associate Nick McCarthy led the Fox Williams team on the placings, with assistance from corporate associates Sharon O’Donnell and Andrew McGlashan. Field Fisher Waterhouse acted as solicitors for both KEFI and EMED.
Richie Clark commented: “It was a pleasure assisting long-standing client Fox-Davies successfully complete two significant placings for AIM companies. It was a testament to the Fox-Davies team that they were able to raise funds in a sector which has not been in favour for much of the last year and hopefully signals a return of investor appetite for the mining sector in 2014. The EMED placing also showcased the additional avenues dual TSX-AIM listed companies have to raise equity finance.”