why the rise?

I do not hold this stock and I may be way off the mark but I just found this article...this is the same company is it not? No announcement yet...



$25,6m needed for Congo iron-ore project
COMMENT PRINT
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By: Esmarie Swanepoel
14th January 2011
TEXT SIZE Iron-ore developer Equatorial Resources aims to raise up to $25,6-million through a share placement to accelerate its drilling and exploration activities at the Mayoko-Moussondji and Bondondo iron-ore projects, in the Republic of Congo.

The company will issue up to 14,2-million shares, at $1,80 a share, to institutional investors to raise the funds.

The placement will be done in two tranches, with the first 11,2-million shares issued immediately under the company?s existing capacity. A second tranche of the remaining three-million shares will be issued following shareholder approval.

The new institutional investors will provide the company with a significantly enhanced profile in the UK and European markets, says Equatorial Resources MD and CEO John Welborn.

Funds raised from the placement will also put Equatorial in a strong financial position, and will enable the company to continue to accelerate its exploration activities on both its projects, he adds.

?The quality of the strategic and institutional investors being attracted to our register is testament to the quality of the company?s iron projects in West Africa, and reinforces both the high prospectivity of our tenements and the importance of our access to rail and deep-water port infrastructure,? he says.

The Mayoko-Moussondji project covers 100 km2 and contains about 9 km of elevated ridges prospective for haematite and magnetite-rich itabirite-hosted iron-ore mineralisation.

The Badondo project covers 998 km2 of ground in the North West region of the Congo, and includes a ridge line more than 7 km long of outcropping iron-ore min- eralisation.


Edited by: Creamer Media Reporter