London Mining set for AIM debut Friday

LONDON (ShareCast) - London Mining has completed a placing of existing shares ahead of Friday's listing on AIM, bringing UK institutions on board.

The company, which has iron ore projects in Saudi Arabia, Greenland, Sierra Leone and Mexico, plus coal projects in South Africa and Colombia, said existing shareholders are selling 37.2m shares at 192.4p each.

Caspian Investments, Benbrack Charkit and Naturaliste Holdings will hold stakes of 18.32%, 4.56% and 1.19% respectively following admission and have agreed not to sell any more shares for six months.

The placing is conditional on admission and will not provide any funds for the company. Its job is to increase the free float and provide liquidity.

"We are extremely pleased about the quality of the new shareholders we have been able to attract to our register," said chief executive Graeme Hossie.

"We look forward to delivering our projects and growing London Mining into a significant mid-tier mining company."