LONDON (Alliance News) - Spain-focused gold and tungsten explorer Aurum Mining PLC on Wednesday said it has issued shares to a shareholder and said its will replace its chairman.
Aurum said it will issue 25.75 million shares for 1 pence per share to raise GBP257,500. David Williams, an existing shareholder, will subscribe for 14 million of the shares, increasing his total holding to 50.1 million shares, or 29% of its issued share capital.
The proceeds from the subscription will be used for working capital requirements, Aurum said.
In addition, the company said Williams will be appointed as its new chairman, replacing Sean Findlay. Findlay will step down from the chairmanship but will remain with the company as a non-executive director.
Aurum shares were down 7.0% in early trade to 1.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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