Chesterfield Resources (CHF)

Sector:

Alternative Investment Instruments

4.85p
   
  • Change Today:
      0.22p
  • 52 Week High: 12.50
  • 52 Week Low: 4.13
  • Currency: UK Pounds
  • Shares Issued: 130.33m
  • Volume: 282,000
  • Market Cap: £6.32m
  • RiskGrade: 402

Polymetal snaps up 22% stake in Chesterfield

By Abigail Townsend

Date: Thursday 26 Nov 2020

LONDON (ShareCast) - (Sharecast News) - FTSE 100 miner Polymetal International has acquired a stake in Chesterfield Resources, causing shares in the copper and gold exploration firm to surge 25%.
The blue chip is investing £2.1m in Chesterfield in return for a 22.5% strategic stake, with 23.33m shares issued at a price of 9p per share, a 16% discount to Wednesday's closing price.

The deal will make Polymetal - one of the world's ten largest gold miners - Chesterfield's largest shareholder and a strategic partner. A representative is expected to take a seat on Chesterfield's board.

Martin French, executive chairman of Cyprus-focused Chesterfield, said: "We are an ambitious young company and this strategic investment represents an important step in our growth trajectory."

As at 1100 GMT, shares in Chesterfield were up 25% at 13.5p. Polymetal's shares were ahead 3% at 1606.5p.

The financing will be used to fund the next phase of exploration of Chesterfield's licence district in Troodos West, in Cyprus. Chesterfield is focused exclusively on the exploration of the Mediterranean island.

Chesterfield is also raising an additional £400,000 through the private placement of 4.44m shares at 9p per share to new and existing investors.

Yuen Low, analyst at Shore Capital, said: "According to Chesterfield's interim financials, the company ended June 2020 with just £0.3m of cash. Today's proceeds will therefore be very welcome.

"Polymetal's splurge is in line with its strategy of investing in mining corporations in its regions of operations, and to increase its copper exposure."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

CHF Market Data

Currency UK Pounds
Share Price 4.85p
Change Today 0.22p
% Change 4.75 %
52 Week High 12.50
52 Week Low 4.13
Volume 282,000
Shares Issued 130.33m
Market Cap £6.32m
RiskGrade 402

CHF Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
38.42% above the market average38.42% above the market average38.42% above the market average38.42% above the market average38.42% above the market average
75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average
Price Trend
54.83% below the market average54.83% below the market average54.83% below the market average54.83% below the market average54.83% below the market average
47.54% below the sector average47.54% below the sector average47.54% below the sector average47.54% below the sector average47.54% below the sector average
Income Not Available
Growth Not Available

CHF Dividends

No dividends found

Trades for 27-May-2022

Time Volume / Share Price
16:18 40,000 @ 4.72p
11:59 242,000 @ 5.08p

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