The company sold about 20.1 million London Mining shares at 240 pence apiece, Ferrous Resources said in a stock exchange statement today.
London Mining shares fell 18.25 pence, or 7 percent, to 241 pence at the close in the U.K. capital, where the company is based. JPMorgan Cazenove and Liberum Capital Ltd. were the joint bookrunners for the sale.
Separately, London Mining said it’s selling its 27.5 percent stake in Delta Mining Consolidated Ltd. to Sable Mining Africa Ltd. (SBLM) for $24.8 million in cash, a separate statement shows. The company said it also expects to receive Sable shares worth $15.2 million via a private accord with Delta’s chief executive officer and chief financial officer.
“The decision allows London Mining to focus its management time and balance sheet on the assets it operates,” Graeme Hossie, the company’s chief executive officer, said in the statement on the sale of the Delta stake.
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