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Sirius to raise £6 million

Article Date:  Mar 04 2008 Robert Tyerman

Sirius Exploration intends to seek up to £6 million after acquiring Sierra Leone-focused Njahili Resources. The AIM-quoted company plans to change its name to Xanadu Resources after the all-paper reverse takeover of Njahili.

The placing funds of between £2 million and £6 million at 12p per share will be earmarked to develop a variety of assets, including gold and diamonds in Sierra Leone and a copper joint venture in Macedonia. Chairman Richard Poulden suggests the potential ‘company-maker’ will be Sierra Leone’s Bagla Hill iron ore prospect near the Liberian border.

He says he is already considering three further prospects to acquire and argues the Njahili deal makes sense because the two companies’ properties and managements complement each other well. Sirius/Xanadu hopes to start producing its first alluvial gold in 12 months.

The 12p funding price for the combined company compares with Sirius’s present 6.38p quote. But it could command support if Bagla Hill impresses.

For more on AIM-listed companies, see GrowthBusiness' sister publication Growth Company Investor.

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