THE exploration group Aminex has raised just over £4 million following a placing of 6.9 million shares with the International Finance Corporation - part of the World Bank. The shares were placed at 57p each and represent 15 per cent of the enlarged Aminex share capital.

In conjunction with the placing, Aminex has also received an offer from the IFC for a $17 million unsecured loan facility. The funding from the placing and the loan will allow Aminex to meet its financial obligations for the development of the Kirtayel oilfield in Russia and the El Biban oilfield offshore Tunisia.

The IFC is one of the world's largest multilateral sources of equity and loan finance for private sector projects in emerging countries. According to Aminex, the IFC has completed an extensive due diligence on Aminex's Russian and Tunisian operations and is committed to the development of these operations.