Celtic Resources raises £8m in share placing


Celtic Resources is to join the London Stock Exchange¿s Alternative Investment Market (AIM) after raising £8 million in a share placing to fund its gold-mining interests.

The Irish gold exploration company has placed £5 million sterling worth of its shares with institutional investors and raised another £3 million through an open offer.

Celtic said the money will be largely used to develop its gold resources in Russia and Kazakhstan.

The shares are expected to be admitted to trading on the AIM on October 14th, valuing the company at around £39 million.

At the same time Celtic Resources will withdraw the trading facility for its shares on the ESM of the Irish Stock Exchange.

An EGM will be held to obtain shareholder approval for the share issue and relisting.