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Oracle Coalfields takes step closer to mining as it raises £0.7mln

16/09/2014 by


Oracle Coalfields has raised £775,000 through a share placing which is the latest step towards developing a coal mine in Pakistan.

The AIM quoted company is issuing 62mln new shares at a price of 1.25p each, a discount to Monday’s closing price of 1.45p.

"I am very pleased with the results of this placing, which demonstrates the support Oracle continues to receive,” said chief executive Shahrukh Khan. “A number of new investors have participated in the placing and I welcome them to our shareholder register.

"The placing represents the latest step towards our goal of developing a producing mine capable of supplying indigenous coal to contribute towards alleviating Pakistan's growing energy crisis while simultaneously delivering long-term sustainable returns for our shareholder base.

"We remain totally committed to achieving these two goals, and would like to thank our shareholders for their confidence and support."

The new placing shares represent almost 16% of Oracle’s issued share capital, and the largest share subscription came from institutional investor the Generali Group, which has effectively bought 6.79% of the company (26.4mln shares).

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