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Sunkar bags £33.6m in AIM move

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Date: Monday 30 Jun 2008

LONDON (ShareCast) - Sunkar Resources started trading on AIM this morning following a placing at 120p per share to raise a total of £33.6m before expenses.

The Kazakh phosphate miner opened at 123p and is currently trading at 108p.

“This IPO is an important milestone in the development of Sunkar and it is a clear indicator of investors' faith in the attractiveness of our asset base and Kazakhstan,” said chief executive Serikjan Utegen.

“We look forward to developing the mine during the course of the year and are determined to develop Sunkar into one of the region's leading phosphate production companies,” Utegen added.

Canaccord Adams is the nominated adviser and joint broker to the company, while GMP Securities Europe is acting as a joint broker.

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