In the media

MDM Engineering raises 4,4m in AIM debut

12 May 2008


By: Matthew Hill

Project house MDM Engineering on Monday announced that it had raised 4,4-million through selling 3,4-million shares to institutional investors, giving it a market capitalisation of 54,3-million on its AIM debut.

It sold the shares at a placing price of 145p a share.

"We are very pleased with the level of interest the group has received, and we look forward to the next stage of growth for MDM Engineering," CE Grant Lowman said in an emailed statement.

"We are positive about the opportunity that exists in Africa's burgeoning natural resources industry and believe that an AIM-listing and the proceeds of the placing will significantly help to achieve our long-term goals in an expanding market," he added.

London-based Numis Securities acted as both broker and nominated adviser to the group.

MDM has thus far focused on serving the junior and midtier mining sector in Africa.

The firm provides a range of services from preliminary and final feasibility studies, through to plant design, construction and commissioning.

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