Andrada Mining announces strategic subscription and placing to raise £6m

Andrada Mining Limited has announced plans to raise approximately GBP 6 million through a combination of a strategic equity subscription and placing. The company intends to raise up to GBP 4.5 million through a subscription by Talent10 Resources Proprietary Limited. Simultaneously, Andrada will conduct an accelerated bookbuild to raise an additional GBP 1.5 million from new and existing institutional investors. The "Fundraising" plan involves issuing up to 150,000,000 new ordinary shares and up to 47,000,000 new ordinary shares at an "Issue Price" of 3.00 pence per share, representing an 8% premium to the 15-day volume weighted average price. The placing is conditional upon several factors, including admission to AIM.