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Peter Hambro Mining - £40m fund raising

June 2004

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.

  • Epic Code:
  • POG
Peter Hambro has announced a fully underwritten capital raising of £40m through the issue of 10m new shares at £4 a share, diluting existing holders by 13%.  The main use for the money will be to advance the $100m development cost of the Pioneer deposit, 70% of whichwill be financed by debt, as well as developing Pokrovskiy and the recently acquired deposits at Tokur, Voroshilovskoye and Malomir.   The additional funds also provide the opportunity to restructureacquisition debt and provide added firepower to respond to any further acquisition opportunities.  The company is targeting production of1m oz a year within five years, and Numis estimates that Pioneer could contribute 500-600,000 oz annually when up and running. ...

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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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