LOTUS RESOURCES RAISES NEW CASH FOR MONGOLIA

Ulaanbaatar, /MONTSAME/ Lotus Resources, the Plus-quoted group involved in the development of mining and exploration projects in Mongolia, has completed a £600,000 fundraising by way of a placing.
£100,000 has been raised through the issue of 4,694,835 shares ordinary shares at 2.13 p per share with a further £500,000 raised via a convertible secured loan note based on asset acquisition.
The shares have been issued as part of the current dis-application of pre-emption rights, which was approved by shareholders at the company’s AGM in 2009, whilst the issue of the loan notes and warrants remains subject to shareholder approval.
The funds have been raised for working capital and to develop mining opportunities in Mongolia, with the funding from the convertible loan note being allocated for the purchase of production assets.
In January, it emerged that Lotus was in talks with its advisors over a possible switch to London’s Alternative Investment Market (AIM).
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