- RBR Group will raise $1 million for training local Mozambique people to work in gas companies around the state
- A total of 71 million shares will be issued for $0.014 apiece
- A key strategic investor based in Africa will be applying for up to $222,000 worth of shares
Service providers RBR saw its share price rise 50 per cent today, after announcing it will raise $1 million to fund an African training program.
The training initiative will assist Mozambican’s to work in gas companies around the nation.
The company issued approximately 71 million shares at a price of $0.014 apiece. Participants in the placement will receive a free attaching option on the basis of one option for every two shares.
A total of approximately 35 million options will be issued at a price of $0.014 per share, with an expiry date of August 31, 2021.
A key strategic investor, based in Africa, will be applying for up to $222,000 worth of shares.
The strategic investor is a Kenya-based agricultural/logistics group which operates across eight countries in East Africa, with 500 staff.
RBR is a leading provider of local and international staffing solutions. It will recruit, train, then supply skilled, fit-for-work staff to its clients every day.
In Mozambique, the company is focused on addressing the local challengers and is helping the Mozambique governments key priorities: vocational education & training with employment outcomes and health services.
RBR targets clients in the mining and construction sectors in Mozambique.
The company recently started training staff in Palma for thousands of job openings in the country last month.
Mozambique has a lot of emerging liquified natural gas (LNG) projects, which RBR will help supply staff for.
The strategic investor is targeting to supply perishable food to the LNG construction sites and surround areas.
It is anticipating enormous demand from tens of thousands of workers who will be living on site as well as the growing population in the city of Palma and its surrounding areas.
Funds from the placement will be applied to the expansion of Mozambique, further equipment and IT requirements.
One of RBR clients is Anadarko Petroleum which is leading the development on what could be Africa’s largest LNG export project worth US$20 billion.