URA issued 23.75 million shares for 2p each, generating working capital of £475,000 in the process for the Gravelotte emerald mine in South Africa.
"We are delighted to announce this successful institutional placing. This significant increase in their investment by well-known UK institutions is a testimony to the quality of our assets, our team, and the progress we have made and will continue to make as we not only start production but focus on post-production activities like sales, marketing, and expansion," said URA's chairperson Ed Nealon
"The proceeds will be used primarily to meet the working capital needs of our operations at the Gravelotte emerald mine once production has commenced and is expected to take us through to first revenue," he added.
URA is continuing to make progress towards the commissioning phase of both the processing facility and the optical sorter at Gravelotte.
Outside the processing plant, the company has approximately 2,500 metric tonnes of ore in stockpiles, ready to be processed.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
