Toronto-based Lencourt (TSE) is planning to raise $4.6 million to acquire African mining company Sominki and its Belgian subsidiary through a private offering of common shares. Lencourt says a limited number of subscribers will be approached to purchase common shares at 40 cents each and the offering is conditional on regulatory approval and $2 million being raised.
Also, two previously announced placements by Noramco Capital, for $1.16 million, and Watts, Griffis and McOuat worth $250,000 will not proceed, Lencourt says.
The placements were originally designed to finance the acquisition of Sominki which owns and operates tin and gold mines in Zaire and holds several large mineral concessions hosting underdeveloped tin, tantalum and gold deposits.
Lencourt is controlled by Watts, Griffis and McQuat, a Toronto engineering firm with international interests.
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