Open offers from micro caps are a bit like buses at the moment. You wait ages for one to turn up, then another follows quickly.

African Eagle, featured in this column a fortnight ago, needed funds for a feasibility study on its prospective nickel mining project in Tanzania, which would be expected to be profitable if operating today. It raised £1.1m through a placing and a further £2.1m through an open offer, which was oversubscribed.