Sierra RutileLtd. said April 14 that it raised US$20 million to have additionalworking capital and financial flexibility.
The company will also use the funds to implement its strategyof increasing production through expansion of its dry mining operations tosatisfy anticipated customer demand.
Sierra issued 70,052,539 new common shares to new andexisting institutional investors at 20 British pence per share under theoversubscribed placement.
The book runners, Investec Bank plc, Numis Securities Ltd.and RBC Europe Ltd., have an option to issue 5%, or 3,502,627, additionalshares to raise up to an additional US$1.0 million.