EMED Mining Raises GBP8.78 Mln For Copper Project

LONDON, Apr 15, 2010 (Dow Jones Commodities News via Comtex) -- European mining company EMED Mining Public Ltd. (EMED.LN) Thursday said it raised GBP8.78 million in a share sale to fund further development of its flagship copper project in Spain.

The money will be used to fund maintenance, planning and permitting for the project, called Proyecto de Rio Tinto, the company said.

It will also be used for development of a project in Slovakia, said EMED.

EMED said it issued roughly 83.6 million new shares at 10.5 pence a share, a 6.7% discount to Wednesday's closing price, from new and existing institutional investors to raise the money.