Aurum Mining to become cyber security firm called Shearwater

(ShareCast News) - Aurum Mining announced a conditional placing of up to 150,000,000 ordinary shares of 1p each at a price of 4p per share on Wednesday, raising approximately £6m before expenses.The AIM-traded company also announced a change of name to Shearwater Group, subject to a shareholder approval in January, and a change of focus to the acquisition and development of businesses operating within the fields of information security and cyber security.It said it would operate with the aim of building a group of significant scale, providing digital resilience solutions to UK based private and public sector organisations.The funds raised from the placing would help support the company's 'buy, focus, grow' strategy, and following the recently announced board appointments, ideally position the business for growth.Aurum's directors estimated that in the UK alone, the highly fragmented cyber security market was worth approximately $7bn.Further, the global market for cyber security was estimated to be worth approximately $75bn and was growing at around 10% per annum.The company would also seek to divest its existing mining assets over the coming months."We have extremely ambitious plans for the company as has been made clear by the series of high-profile appointments to our board in recent weeks," said chairman David Williams."We now have a team with substantial experience of operating within the technology, defence, cyber, information security and communication sectors, and a track record of delivering shareholder value through accelerated buy and build processes."This is an exciting time for the company."