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International Ferro Metals has raised £85m via a placing of shares at 120p per share.
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The South African-focused ferrochrome miner also confirmed plans to move to the official list in August. The new money will be used to expand the company's ferrochrome production to 665,000 tonnes per year, or about 8.5 per cent of the world's production. The shares rose 4.75p to 125.25p.
Imminent inclusion in the FTSE 250 ought to provide short-term additional support for the shares. Good value.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
