The group, which is using the proceeds of the issue to invest in an iron ore project in Sierra Leone, revealed that one strategic investor, Dundee Corporation, was taking a smaller stake than anticipated.
Advisers to the group said the reduction in Dundee Corporation’s stake resulted from additional purchasers taking up shares. Dundee is investing £29.9m as opposed to the £33.5m originally proposed.
The statement to the stock exchange also reveals that Dundee Securities, a subsidiary of Dundee Corporation, continues to receive a fee from the company of £1.2m as an underwriter of the share issue.
Murray John, who is chief executive of Dundee Resources Limited, another subsidiary of Dundee Corporation, is a director of African Minerals.
African Minerals is being advised by Canaccord Adams and Mirabaud Securities.