Mozambique-focused coal company raises £35.6mn.
A coal exploration company is to develop its assets in Southern Africa after raising £35.6mn following its admission to AIM.
Ncondezi Coal Company has been valued at £146.6mn after placing almost 29mn new shares at 123p each.
British Virgin Islands-registered Ncondezi holds four prospecting and exploration licences in the Tete Province of Western Mozambique. The proceeds will fund further exploration and a feasibility study as well as providing working capital.
Ncondezi’s nominated adviser was Liberum Capital, which was also bookrunner and broker alongside Renaissance Capital.
Graham Mascall, Ncondezi’s chief executive, says the board aims to extend its assets. “The Ncondezi Project presents an exciting opportunity to develop a new coal mine in one of the world’s largest under-developed coal regions. We are excited about the potential for upgrading existing resources as well as the potential for coking coal.”
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