Kalahari Minerals placing raises £41.76m

Kalahari Minerals has conditionally raised £41.76m, before expenses, through a placing of 18 million new ordinary shares at 232p apiece with existing shareholders.

The proceeds will be used to satisfy the private placing commitments with Extract Resources announced on 9 December, which will raise Kalahari's interest in Extract to 42.83%.

Kalahari chairman Mark Hohnen said: "Kalahari's position in Extract remains of paramount importance as we enter the company's next phase of development, including our listing on the Official List of the UK Listing Authority, as we continue our unwavering support of Extract as it approaches its production phase at the world class Husab uranium project."

Story provided by StockMarketWire.com

13/12/2010