Canada’s Noventa to raise funds to increase mining production in Mozambique

22 July 2011

Toronto, Canada, 22 July – Canadian mining company Noventa this week said it planned to raise funds in Canada and the United Kingdom and then carry out a capital increase open to all shareholders in order to fund operations at its Marropino mine, in Mozambique.

The company, whose shares are listed on the Alternative Investment Market of the Toronto Stock Exchange, plans to raise funds through a warrants issue. A warrant is a security that allows its holder to buy the underlying stock of its issuing company at a fixed price.

After two warrants issues, the company will then increase its share capital by issuing ordinary shares to all interested shareholders.

Noventa announced in May that it planned to raise US$25 million before the end of July in order to finish the project to expand its mine at Marropino, located in the Ile district of Mozambique’s Zambézia in order to increase production from 200,000 pounds of tantalum to 600,000 pounds. (macauhub)