Mwana shareholders approve share sale

recent Extraordinary General Meeting resolved the placement and subscription of 383 042 447 new ordinary shares in the company.
“The company is pleased to announce that all the resolutions proposed at the Extraordinary General Meeting of the company held earlier today to approve, inter alia, the placing and subscription of 383 042 447 new ordinary shares in the company were duly passed,” said Mwana in a statement.
According to Mwana, the placing comprises the conditional placing by Liberum Capital Limited to institutional and other investors of 140 618 165 new ordinary shares and the subscription comprises the conditional subscription by China International Mining Group Corporation (CIMGC) of 242 424 282 new ordinary shares.
Mwana said the placing and subscription of shares would be issued and admitted to trading on the AIM Market of the London Stock Exchange yesterday.
The share sale approval is in line with  indications earlier this month that CIMGC would buy US$21,2 million worth of new shares at 5,5 pence per share, while institutional investors will buy the remaining shares through a placing at the same place.
Mwana has since said that once financing had been secured, it expects BNC to restart mining at Trojan with an initial rate of 10 000tpm ramping up to 70 000tpm over 12 months, and eventually 870 000 tonnes of ore, once steady state is achieved.
While largely targeted at the restart of the Trojan nickel project, the share sale may also restart Mwana’s Zani Kodo gold project in which it has an 80 percent joint venture interest, and its 100 percent-owned Semkhat copper-gold project located in the Democratic Republic of Congo.