Aviva raises P40m in placement

The BSE-listed explorer said the money would be used to finalise an Environmental Impact Assessment (EIA) for its Mmamantswe coal and power station in Botswana and continue exploration at its West Kenya gold/base metals joint venture project.

According to a company statement, Sentient, which will invest $3.5 million in the company, will be offered a seat on the company's board. Overall, the placement will involve the issue of 30 million new shares in the company at 20 cents a share.