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Churchill completes placing
Embattled AIM-listed miner Churchill Mining has completed the private placement of 19.3m ordinary shares to Rachmat Gobel and Fara Luwia, raising £7.7m. The 40p placing price represented a 60 per cent premium to the 20-day volume weighted average share price as of 28 April – the day before the subscription agreement. The shares represent approximately 16 per cent of the enlarged share capital. The firm will use the proceeds for further work on the East Kutai Coal Project, where it has been beset by licencing disputes with the Indonesian government.