Turkana gold miner raises Sh42 million

Mayfox Mining has raised Sh42 million through a private placement. PHOTO | FILE

Mayfox Mining, a gold prospector in Turkana, has raised Sh42 million through a slightly oversubscribed private placement.

The capital was five per cent above the Sh40 million target. Mayfox commercial director Mugwe Manga said 70 per cent of the offer was taken up by local investors warming to the nascent industry.

“Interest in the sector encouragingly continues to move from strength to strength.  We are proud to see Mayfox Mining as a local front-runner in the market, as well as a pioneer with respect to the empowerment and personification of local content,” said Mr Manga in a statement.

Mayfox was raising the money to fund exploration work on its Turkana-based blocks where it is prospecting for gold, copper, nickel and lead.

The results from the additional work to be carried out with the newly raised cash will determine if the company lists on the Nairobi Securities Exchange (NSE).

“The completion of the private placement takes us a further step towards gaining compliance for listing on the NSE via the Growth Enterprise Market Segment board, which we anticipate for the second half of 2015 or early 2016 depending on our exploration results,” said Mayfox in a statement.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.