London Mining raises shares of Vits

London Mining Announcement.

London Mining Plc is pleased to announce its intention to issue between 14.5 and up to 17.8 million new shares in a private placement. The private placement is expected to generate gross proceeds of NOK 320 million, and is managed by Pareto Securities ASA.

Chris Brown, Managing Director of London Mining Plc, is pleased to announce that the Board has decided to increase the Company's equity base through a private placement of up to 17.8 million new shares in a book building process directed towards professional and institutional investors raising gross proceeds of up to NOK 320 million. Price range in the transaction has been set to NOK 18 to NOK 22. The purpose of the private placement is to finance the capital expenditure at the Company's wholly owned Marampa iron ore mine in Sierra Leone, and to fund general working capital requirements.