Kennedy Ventures raises £1.4m in placing to fund Tantalite Valley mine

8th Jul 2015 11:02

Kennedy Ventures has raised £1.4m before expenses through a placing of 26.7m new ordinary shares of 1p each at 5.25p per share.The company, which is focused on tantalite production in Namibia through its 75% holding in African Tantalum, said the new shares issued will represent around 26% of the enlarge issued share capital.The net proceeds of the placing will be used to bring the Tantalite Valley mine back into production, to conduct due diligence on other potential tantalite projects and for investment and general working capital purposes.Kennedy said Shore Capital Stockbrokers was appointed as joint broker to the company, while Cenkos Securities remains nominated adviser and joint broker.Application has been made for the new shares to be admitted to AIM and it is expected that this will take place and trading will commence on 15 July 2015.At 1125 BST, shares were down 20% at 5.78p.