AEX Gold Set To Float In London With Market Value Of GBP80 Million

(Alliance News) - AEX Gold Inc on Monday said it has raised GBP42.5 million via a share placing ...

Alliance News 27 July, 2020 | 8:40PM
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(Alliance News) - AEX Gold Inc on Monday said it has raised GBP42.5 million via a share placing as it prepares to list on London's junior AIM market on Friday.

Last week, the Greenland-focused gold miner said it was seeking a listing on London's AIM market and was looking to raise GBP45 million, via a primary capital raise.

AEX placed 94 million shares at an initial public offering price of 45 pence each and expects a market capitalisation upon admission of GBP79.7 million.

AEX said it would use the funds to begin the development of its Nalunaq mine in Greenland's southern gold belt.

"I am delighted to be able to announce the successful completion of the Fundraising. With the

proceeds from this transaction, the Company will be funded with a clear path forward to unlock

value for its shareholders and stakeholders through the development of the Nalunaq Property and

exploration activities across our substantial and highly exciting asset base in Southern Greenland," said Chief Executive Eldur Olafsson.

The London IPO market has dried up in the wake of the coronavirus outbreak, but AEX followed one of Canada's largest gold producers in listing in London as the precious metal price surges during the pandemic.

Last week, gold miner Yamana Gold Inc said it was in advanced stages of the listing process on the London Stock Exchange and intends for common shares to be admitted to the standard segment of the Official List and to trading on the LSE's Main Market in "the next few months".

By Arvind Bhunjun;

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