Ampella Mining Limited (ASX:AMX) has cancelled its share purchase plan which was announced to the market last month.
The issue price of $1.30 per share failed to gather enough shareholder support. The company’s stock is currently trading at $1.04.
The explorer says it will refund all money to eligible shareholders without interest immediately.
Ampella is an Australia-based company engaged in mineral exploration in West Africa, through its subsidiary Ampella Mining SARL.
For the half year ending December 31, 2011 Ampella Mining reported a net loss of $14.3 million.