The funds will be used for general working capital including business development and due diligence on target assets, appraisals, and technical evaluation
The AIM-listed natural resources investing company offered 51mln new ordinary shares in the subscription to Optima at 1.11p each.
The UAE-based firm now holds 19.96% of ADM’s issued share capital.
“We are pleased to secure funding from a new long-term shareholder, which will be used to continue to assess several prospects,” Osamede Okhomina, ADM chief executive, said.
ADM has applied for the shares to be admitted into AIM. It expects them to become effective on or around 26 January.
On admission, ADM will issue 15.3mln warrants to Optima to subscribe for ordinary shares at 4.5p each with an exercise period of two years.
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