Contango raises £1.4m for Zim coal project

Investment holding company Contango Holdings has raised £1.4-million, before expenses, through a conditional placing of 28-million new ordinary shares at £0.01 each to new and existing investors at 5p a share.   Following the completion of the conditional placing, the company anticipates being in a position to shortly issue a final prospectus setting out details of its purchase of the Lubu coal project, in Zimbabwe, from Consolidated Growth Holdings (CGH). The Lubu project is expected to be a near-term metallurgical coal producer.