News
Successful Placing
Lotus Resources Plc, ('Lotus' or 'the Company'), a company engaged in the development of mining and exploration projects in Mongolia, announces that it has raised a total of £100,000 by way of a placing, to clients of a private client stockbroker, of 10 million new ordinary shares at a price of 1p per share.
These funds have been raised for working capital and to develop the identified fluorspar mining opportunities in Mongolia already announced.
In addition, Wills & Co will be issued 800,000 shares at a price of 2.5p per share in lieu of £20,000 of fees for the provision of research and subscription to the Investors Union news dissemination service.
Simon Longworth, Chief Executive, Lotus Resources Plc commented:
"These funds will allow us to move forward with the existing mines that we have acquired whilst also allowing us to look at new projects. We are working to get into fluorspar production from the Lotus Amgalan JV, and increase to full scale mining there, as soon as possible.
We now have fluorspar projects at the exploration, advanced exploration and mining stages, as well as a fluorspar trading agreement which generates cash.
Our aim is to develop a profitable fluorspar mining and processing business in an area of the world that offers significant opportunities."
Following the issue of the new shares, the Company will have a total of 56,226,925 shares in issue.
The Directors of the issuer accept responsibility for this announcement.
Enquiries:
Lotus Resources Plc
Simon Longworth Chief Executive
Tel: +976 8800 8983
and +86 (0) 1350 107 0840
James Benson
Finance Director
Tel: +44 (0) 7768 242 660
Rivington Street Corporate Finance
Eran Zucker
Tel: +44 (0) 20 7562 3389
Lothbury Financial
Michael Padley
Tel: +44 (0) 20 7011 9411