- Aminex is planning to raise £19.5m through a placing and open offer to finance the drilling of the Ntorya-2 appraisal well and the Ntorya-3 exploration well.

Approximately 983.1 million new ordinary shares will be issued through a cornerstone placing to raise gross proceeds of approximately £12.8m and approximately 318.9 million will be issued through an institutional placing by Shore Capital (bookrunner) and Davy to raise gross proceeds of approximately £4.1m

Aminex also intends to conduct a non-underwritten open offer to raise up to approximately £2.6m through the issue of up to approximately 197.6 million shares The cornerstone investor, Eclipse Investments LLC, is wholly-owned by members of the Al Zubair family, who in turn own 100% of The Zubair Corporation LLC Aminex chief executive Jay Bhattacherjee said: "We are very pleased to announce this agreement with the Zubair Corporation. Zubair is a long-established international group and one of Oman's most significant and reputable companies.

"It has existing interests throughout Middle East and Africa, including Tanzania, in a variety of industries. With such a cornerstone investor together with the anticipated proceeds from the fundraising and the cash flow from Kiliwani production, Aminex will be well placed to build on its drilling success in the Ruvuma Basin of Tanzania and to realise the potential from the exciting Ntorya-2 and Ntorya-3 wells." At 2:07pm: [LON:AEX] Aminex PLC share price was -0.03p at 1.33p

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