Proactive Investors reported that Mamba Minerals will raise USD 787,500 through the private placement of 3.5 million shares at USD 0.225, in a deal arranged by Capital Investment Partners to Michael O’Keeffe.
O’Keeffe was the key architect and Executive Chairman behind African coal miner Riversdale Mining, which was taken over in a USD 4 billion buyout by Rio Tinto in 2011 at USD 16.50 per share. Prior to Riversdale, O’Keeffe was Managing Director of Glencore Australia.
Funds raised from the placement will be used to accelerate exploration on the Snelgrove Lake Iron Ore Project.