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Marula Mining PLC said on January 31 it signed a subscription agreement under which Q Global Commodities Group will subscribe for up to £3.75 million shares in the Africa-focused miner.
Aquis-listed Marula said Q Global will subscribe for up to 100 million new shares at 3.75 pence each spread across five equal tranches of £750,000, assuming certain milestones are met.
Q Global will also provide broad technical, financial and strategic support to Marula as it seeks to accelerate its battery metals focused strategy in Africa.
Quinton van der Burgh, Q Global’s chief executive will be appointed chair of Marula as part of the arrangement.
Shares in Marula Mining closed 0.5% lower at 5.62 pence in London on Tuesday.
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