Moydow Mines International closes 1.75 mln cad financing

LONDON (Thomson Financial) - Moydow Mines International Inc said it has closed a private placement for a total of 1.75 mln cad and has issued a total of 8.75 mln common shares at a price of 0.20 cad per share.

The AIM-listed mineral mining firm said the proceeds of the financing will be used to advance the company's projects in Angola, Ghana and Sierra Leone, as well as for general corporate purposes.

Mydow added 615,000 cad of the proceeds will also repay loans from drilling company Pontil Minerex, which it said is controlled by certain company insiders.

Moydow Mines International closes 1.75 mln cad financing - Forbes.com