Zanaga Iron Ore Company Limited (AIM:ZIOC) announced a placing and subscription to raise approximately £4.2 million ($5.6 million) via around 103.75 million new ordinary shares at 4 pence each.
The issue price is a 13.1% discount to Tuesday's closing price of 4.6 pence. A separate retail offer for UK investors is also available via RetailBook.
Net proceeds will fund a bulk sampling campaign at the Zanaga Iron Ore Project in the Republic of Congo, support in-country project overheads, and cover corporate costs. The campaign has a budget of about $1.6 million and is expected to start by June 30, 2026.
Directors intend to subscribe for shares worth $888,134 in lieu of deferred fees since February 2023. Non-Executive Chairman Clifford Elphick will convert $344,607 in fees.
The new shares will represent about 11.1% of issued ordinary shares post-admission. Panmure Liberum Limited acts as nominated adviser and joint bookrunner with Tamesis Partners LLP.
Cash balance was $1.28 million as of December 31, 2025, and $0.3 million as of April 30, 2026. A binding term sheet with Red Arc Minerals for a strategic investment is in place.
