Rubicon Resources issues shares to expand business in Mozambique

20 August 2015

Rubicon Resources achieved a cash inflow of US$474,300 from a share issue, which will be invested in the expansion of its business in Mozambique, the company said in a statement issued Wednesday.

The company issued over 63.6 million shares worth a total of US$763,200, although 24 million shares worth US$288,900 were not subscribed.

In a statement, the company’s chairman Ian Macpherson said that, taking into account the current difficult investment climate, “we are pleased that over 62 percent of shareholders decided to take part in this issue.”

The company’s management also said it had received expressions of interest for the acquisition of the shares that were still available.

Rubicon Resources operates in Mozambique through PacMoz, a company specialising in the supply of skilled labour – both Mozambican and foreign – for the natural resources and energy infrastructure sectors.

PacMoz, a company established three years ago, is headquartered in Maputo and has additional offices in Beira and Nacala and soon in Pemba, Cabo Delgado province. Rubicon Resources acquired it in March 2015. (macauhub/MZ)