Prosperity Minerals raises UK 115m

Prosperity Minerals raises UK 115m
Published: 26 May 2006

Prosperity Minerals has joined Aim via a placing that raised UK£115m. The Hong Kong-based company was advised by Evolution Securities in its placing of 77.7m shares at 148p with institutional investors. The placing values the company at UK£191m.

Prosperity, which supplies cement and iron ore to China, will use the proceeds for capital expenditure, to fund an acquisition of its interest in two cement plants and to improve its financial position.