MDM raises £4.4m on AIM
MDM Engineering Group, the minerals process and project management company, has raised £4.4m via a placing of 3.45m new shares with a range of institutional investors.
MDM's market capitalisation at the placing price of 145p is £54.3m.
"We are positive about the opportunity that exists in Africa's burgeoning natural resources industry and believe that an AIM listing and the proceeds of the Placing will significantly help to achieve our long term goals in an expanding market," said chief executive Grant Lowman.
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"We are well positioned to execute on our growth strategy and are confident that MDM Engineering will emerge as a market leader in the mining services industry in Africa," he added.
MDM provides a wide range of services to the mining industry, from preliminary and final feasibility studies through to plant design, construction and commissioning.
