LONDON (Thomson Financial) - Namibian Resources Plc. said it has sufficient
working capital for its needs to the end of the financial year, but is seeking
equity finance by share placing to upgrade Pomona operations.
In an AGM statement, the company said its mining and prospecting operations
in Pomona concession have consistently shown better diamond recoveries than
indicated by the historic sampling data.
Namibian Resources said it will use the proceeds from the placing for
working capital for its existing project at Pomona, upgrading its existing
equipment and increasing its prospecting and mining capacity.
The company also said that, currently, it does not have any bank or other
borrowings.
TFN.newsdesk@thomson.com
yos/slm
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