Business Irish

Sunday 21 January 2018

Aminex tumbles 30pc as it seeks funding

Shares in Aminex plunged after the explorer said it needs an injection of funds to maintain and make progress on its principal assets.

The shares fell as much as 30pc in early trading in Dublin, although they later made up some of the lost ground.

The Tanzania-focused explorer said it was looking at a range of funding operations, including the introduction of a strategic investor.

The company added that it was currently in discussions with potential financing partners.

Aminex added that it planned to undertake an interim financing in the near future assuming a lender was prepared to extend its loan.

Aminex added that funding its full exploration programme through the stockmarket was not feasible at present.

The company has already announced it would be seeking to farm-out some of its production sharing agreement at the Ruvuma field in Tanzania, but said it has not yet received any satisfactory offers.

Irish Independent

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