Apr 11th 2012 - Edison Investment Research today published a report on African Eagle Resources (AFE.L, LSE:AFE, LON:AFE) entitled "£8m Fund-raising". In summary, the report says:
African Eagle Resources (AFE) has announced it has secured (non-binding) commitments to raise up to £8m (before expenses) via an equity placement of 200m shares and will issue placing warrants to subscribe up to 100m new ordinary shares at 5.5p per share. These proceeds will allow it to progress its Dutwa bankable feasibility study (publication due early 2013) through key development milestones. AFE also announced a non-underwritten open offer to eligible shareholders of up to 100m shares at 4p to raise gross proceeds of £4m (contingent on a minimum raise of £6.9m in the first offer). Also, it has made four changes to its board to reflect the company’s progression from exploration stage to one of development.
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