Zambezi Resources debuts on London’s AIM market

LONDON – Zambezi Resources, a Zambian copper/gold exploration company, started trading on London’s AIM (Alternative Investments Market) yesterday, with a market capitalisation of 7,6 million pounds (N$83,6 million) at the admission price.

Broker W.H. Ireland raised 2,5 million pounds (N$27, 5 million) through the issue of 20,833,334 shares at 12 pence (N$1,32) to more than 12 institutional shareholders, Zambezi said in a release. Zambezi said it will the proceeds to fund exploration work through to project development of its 100 per cent owned eight prospecting licences in Zambia.”Southern Zambia has not been as vigorously explored as the copper belt in the north.We hope to bring modern exploration techniques for both gold and copper exploration to this region and in particular at our Chongwe, Chakwenga, Cheowa-Neningombwe and Iron Cap prospects,” Julian Ford, Zambezi’s Chief Executive Officer said, “Our aim is to aggressively explore our holdings so as to be in a position for progression to production in the medium term.”At 0928 GMT the shares were trading at 14-1/2 pence.-Nampa-ReutersZambezi said it will the proceeds to fund exploration work through to project development of its 100 per cent owned eight prospecting licences in Zambia.”Southern Zambia has not been as vigorously explored as the copper belt in the north.We hope to bring modern exploration techniques for both gold and copper exploration to this region and in particular at our Chongwe, Chakwenga, Cheowa-Neningombwe and Iron Cap prospects,” Julian Ford, Zambezi’s Chief Executive Officer said, “Our aim is to aggressively explore our holdings so as to be in a position for progression to production in the medium term.”At 0928 GMT the shares were trading at 14-1/2 pence.-Nampa-Reuters