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19 Feb 2021 | 08:04

Jangada Mines raises £1.25m via placing

(Sharecast News) - Natural resources company Jangada Mines has raised £1.25m via a placing of 13.88m new ordinary shares at a price of 9.0p each. Jangada said on Friday that net proceeds of the placing would primarily be used for the continued development of its 100%-owned Pitombeiras Vanadium project in Ceará State, Brazil.

The AIM-listed group also added that a revised preliminary economic assessment on Pitombeiras was expected to be completed in the second quarter and would incorporate results of its ongoing drilling programme, which was focused on expanding the project's mineral resource base and the completion of metallurgical testing.

Chairman Brian McMaster said: "We are delighted to have received such strong support in completing this placing, which further strengthens our confidence in the Pitombeiras Vanadium Project.

"These funds will allow us to continue to demonstrate this during the first half of 2021 as we look to complete the drilling programme at the project, deliver upgraded and expanded resources and complete the new metallurgical tests, which will provide the basis for discussions with potential traders and off-takers. The company is now fully funded to complete the next stages of its work programme."

As of 1130 GMT, Jangada shares had slumped 7.32% to 9.50p.
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