Kenmare Resources, a producer of titanium in Mozambique, said today it entered arrangements with brokers to place 54 million new shares to raise about £10.3 million (€12.1million) before expenses.
The Dublin-listed company said the funds raised will be used to allow it "retain sufficient liquidity" to meet its obligations and to fund production expansion plans, Kenmare said in a statement today.
The placing represents 6.6 per cent of Kenmare's issued share capita and the brokers are Canaccord Adams, Davy and Mirabaud Securities.
The share placement will happen on or before August 5th.
