Shares in Baobab Resources surged by 35 per cent to 8.62p after the company announced that it intended to raise a maximum of £7m through a private placing with a Luxembourg investment fund. Redbird Investments, a part of Africa Minerals Exploration & Development, has agreed to acquire 50m shares in the Mozambique-focused miner at 8p apiece.
IC TIP:
Buy
at
8.62p
