EMED Mining (LON:EMED, TSE:EMD) has raised £9.6 mln (US$15 mln) through subscription agreements with two conerstone customers.
As reported on June 13, the AIM quoted mine developer secured the funds with the issue of loan notes to the two copper buyers - XGC and Red Kite.
The notes can be converted into EMED shares at a price of 9p per share, which is some 58% above EMED’s average share price over the five days prior to that date.
EMED also said it would increase the amount of copper to be sold from the Rio Tinto mine under off-take agreements as Yanggu Xiangguang Copper (XGC) and Red Kite will increase the committed allocation of copper concentrate to 49% of current reserves, up from 34% under previous arrangements.
EMED managing director Harry Anagnostaras-Adams said today: "EMED Mining has reinforced its preparedness for the restart of the world class Rio Tinto copper project with site works targeted to start by year-end 2013, so that production can start in late 2014.
"The convertible loan financing demonstrates XGC's and Red Kite's continued support for the company.
"The company appreciates the support of its business plan from all shareholders. The wholly-owned Rio Tinto copper project is not just a mine but is a world class mining district and its restart and modernisation provides huge potential for all stakeholders for the long term."
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