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Friday, 6th February 2009 (1659 views)

Lappland Goldminers has reported that its directed new share issue has raised SEK51.8 million (£4.3 million).

The issue of 7.4 million shares at an issue price of SEK7 per share will be used to finance its mining operations.

Kjell Larsson, Lappland Goldminers’ chief executive, said: "Following the issue, the operations at the mines in Pahtavaara and Blaiken are fully financed until the mines generate positive cash flow."

The company is planning to conduct a new share issue as soon as possible, having primarily targeted the last one at a number of institutional investors in Sweden and abroad.

Exploration company Lappland Goldminers is focused on the development of processing plants, mines and acquisitions in Scandinavia, particularly Finland and Sweden.

The firm recently announced that its board of directors had elected Mr Larsson as the new Lappland Goldminers managing director, replacing Karl-Ake Johansson, who will continue to serve as a board member.

 

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