London, England — MININGREVIEW.COM — 21 April 2010 – Sable Mining Africa Limited “’ an AIM-listed resource company chaired by former England cricketer Philippe Edmonds “’ says it has raised US$125 million (R930 million) selling shares to develop coal assets in South Africa and Botswana.
Revealing this in a statement issued here, the British Virgin Islands-based company said that Sable had more than US$160 million (R1.2 billion) in cash following the sale, which it would use to develop coal mines and buy additional iron-ore and coal assets. The company had sold 290 million shares to institutional shareholders for 28 pence each.
Bloomberg News reports that Sable acquired 36% of South African coal miner Delta Mining Consolidated Limited in February and is seeking to buy the rest of the company. Delta has four coal assets in South Africa and Botswana.
Edmonds and Sable CEO Andrew Groves plan to buy and develop mines in Africa, after Central African Mining and Exploration Company “’ the copper and cobalt miner they had managed “’ had been sold to Eurasian Natural Resources Corporation for US$955 million (R7.4 billion) last year.
Sable has slipped 0.25 pence, or 0.7%, to 36.5 pence in London. The stock has more than tripled this year, valuing Sable at US$352.7 million (R2.6 billion).