Updates

Cluff Gold - Raises Â£9.4m through placing

December 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Cluff Gold has taken advantage of the strong run in its share price to raise Â£9.4m via a placing at 116.5p (6.5% of its existing share capital) through McQuarie Bank. This represents a useful 14% premium to the closing mid market price of 102p the previous day, while there are no broker fees or warrants. The funds will be used to increase exploration drilling at its three main gold mining operations: Kalsaka in Burkina Faso, Angovia in Cote d'Ivoire and the potential company maker, Baomahun in Sierra Leone. This financing, together with its improving cash flow following gold's run to almost US$1,370 / oz, means Cluff is likely to provide a stream of positive drilling results going forward, while keeping it firmly in the shop wind ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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