Fox Marble, the London Stock Exchange AIM-listed company that quarries marble from Kosovo and the Balkans, is raising another £2million from shareholders to pay for its new factory in Kosovo.

Proceeds from the share placing are intended primarily to fund the building of the factory and pay for training of the 200 people who will work in it. It will also be used to further expand the Fox sales and distribution platforms globally, in particular in North America, India, the Middle East, the Balkans and the United Kingdom, and provide additional working capital while Fox continues to develop sales channels.

Chris Gilbert, CEO, says: "We believe the completion of the processing facility and expansion of our sales and distribution platforms are key milestones for the company. We expect to be able to produce cut and polished marble slabs in Kosovo during the summer. This will significantly boost our margins as well as open up the Balkan markets for cutting and polishing of regional stone.

"We have seen significant interest from existing and new customers so far in 2016 and look forward to updating the market on new contracts as and when they materialise."

Natural Stone Specialist interviewed Chris Gilbert in London earlier this year. You can read the report here.