(Alliance News) – Marula Mining PLC said on January 31 that it has signed an underwriting agreement under which Q Global Commodities Group will subscribe for up to £3.75 million of shares in the Africa-focused miner .
Listed Marula said Q Global will subscribe for up to 100 million new shares at 3.75 pence each, split into five equal tranches of £750,000, assuming certain milestones are met.
Q Global will also provide extensive technical, financial and strategic support to Marula as it seeks to accelerate its strategy focused on battery metals in Africa.
Quinton van der Burgh, the chief executive of Q Global, will be named chairman of Marula as part of the arrangement.
Marula Mining shares closed down 0.5% at 5.62 pence in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
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