Gemfields Raises $30 Million Through Successful Rights Issue
Gemstone mining company Gemfields has successfully concluded a fully underwritten rights issue, originally announced on April 11.
The offering resulted in the issuance of approximately 556 million new ordinary shares, raising around $30 million in capital for the company.
Gemfields reported that it received valid acceptances for about 458 million of the new shares, representing roughly 82.4% of the total shares offered.
The remaining 98 million shares will be taken up by the underwriters of the rights issue. Assore International Holdings will subscribe to approximately 64 million shares, while Rational Expectations will acquire around 34 million shares. Notably, both firms are subscribing beyond their respective pro rata entitlements.
The successful capital raise strengthens Gemfields’ financial position and supports its ongoing operations and growth initiatives in the gemstone mining sector.
