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URA secures £475k for Gravelotte Emerald Mine operations in South Africa

URA Holdings PLC has secured £475,000 to support its operations at the Gravelotte Emerald Mine in South Africa. 

URA is an African-focused mineral exploration company. It’s listed on the Standard Market of the London Stock Exchange.

The company leverages the skills of its Board and team to discover valuable mineral opportunities.

URA aims to turn early exploration projects into money and give returns to its stakeholders.

The money came from selling 23.8 million new shares at 2 pence each. Additionally, 1.4 million warrants were issued to Capital Plus Partners, which allowing them to buy shares at the same price over three years.

This financial boost is crucial for the mine’s needs, such as purchasing equipment and paying workers as it prepares to start production. 

Investors responded positively to the news, with URA’s stock price rising by 2.1% to 2.20 pence in London trading.

Also Read: South Africa Launches Junior Mining Exploration Fund to Boost Economic Inclusion

URA Strategic Funding and Vision for Gravelotte Emerald Mine

URA’s Chairperson, Ed Nealon, emphasised the importance of this funding for the mine’s future success. 

He stated that it’s not just about money, but unlocking the mine’s potential. Additionally, it will support the broader vision for mineral exploration in Africa.

“We are delighted to announce this successful institutional placement. This significant increase in their investment by well-known UK institutions is a testimony to the quality of our assets.

‘It is also a testimony to our team and the progress we have made and will continue to make. We not only start production but focus on post-production activities like sales, marketing and expansion.

“The proceeds will be used primarily to meet the working capital needs of our operations at the Gravelotte emerald mine.

“This will be once production has commenced. It is expected to take us through to first revenue,” Ed Nealon commented.

As URA moves forward, it faces challenges in the ever-changing global gemstone market. 

The shift from getting ready to actually producing at the Gravelotte Emerald Mine is a big achievement.

However, with a clear plan and strong financial support, URA Holdings is well-positioned to turn Africa’s emerald riches into reality.

URA CEO Bernard Olivier stated that the company was making progress towards commissioning the processing plant and the optical sorter at Gravelotte.