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AIM-quoted North River Resources (NRRP) is seeking to raise $4 million (£2.6 million) to take its Hamib zinc, lead and silver project in the south-west African state of Namibia to the point where the company can make a decision on construction. Currently out of favour with investors in a grim zinc market, North River, whose shares have fallen from a 12-month high of 0.88p to a share price of 0.28p at present, is tapping supporters for an initial $1.2 million in 10% three-year convertible notes, followed next month with $2.8 million in shares at a price which will be the lower of 0.3p and the open offer price in the stock market on the relevant day in September.
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