Kalahari raises 20m in placing

Namibia-focused miner Kalahari Minerals said yesterday it had raised &pound;20m through a share placing to satisfy its commitments towards a proposed A$91m (&pound;46.9m) equity raising from Extract Resources, in which it holds a 40 per cent stake. Kalahari has issued 11.8m shares to new and existing shareholders at 170p a share. It added that it is in advanced talks to raise an additional &pound;10m through a convertible bond issue. Extract owns the world-class Rossing South uranium prospect in Namibia, situated just 5km south of a mine operated by giant Rio Tinto.<br />