A-Cap Resources Limited says it has completed its Share Placement (Placement) which raised $3.25 million.The purpose of the placement and the Share Purchase Plan (SPP) which is now open to shareholders, is to raise funds for the ongoing feasibility and development programme at the company’s Letlhakane Uranium Project in Botswana, and to further evaluate the Company’s coal projects.

A priority over the next quarter will be value adding work to further define high grade uranium mineralisation at Letlhakane and metallurgical test work aimed at lowering operating costs per pound.  Work on the recent coal discoveries will continue as a priority with definition of those coal seams with the highest quality coal that can be made available for early production.  This will include exploration, assay and test work as well as accessing near term development options for these discoveries.

A-Cap’s CEO Paul Thomson said the company is pleased with the successful completion of this share placement and appreciate the strong support of our major shareholder Ansheng Group / China Growth Minerals Limited. China Growth built is position to 19.9 % in the company.

“We have made excellent progress on our Letlhakane Uranium Project in recent months and our exploration effort has successfully delivered new large scale coal discoveries.  These funds will be used to continue the development work at Letlhakane and ensure that the project is ready to benefit from the forecast upturn in uranium prices and also to evaluate our new coal discoveries”.

The capital raising was strongly supported by A-Cap’s major shareholder Ansheng/China Growth Minerals (“China Growth”), who has now increased its shareholding in the Company to 19.99% by investing $2.125 million into the placement.  Ansheng Investment Group is a large industrial group based in China and holds shares directly and through its mining arm China Growth Minerals Limited.