Kibaran seeks to raise $2.1m through share placement, share purchase plan
ASX-listed Kibaran Resources on Wednesday confirmed that it has received firm commitments from investors to raise $1.1-million through a share placement of 11-million fully paid ordinary shares at an issue price of 10c a share.
The issue price represents an 8% discount to the volume-weighted average price of Kibaran shares calculated over the five trading days on which trades were recorded prior to the announcement.
The placement is strongly supported by Kibaran’s largest shareholders, the exploration company said in a statement.
Placement shares are expected to be issued on or before March 8.
In recognition of the company’s retail shareholders, Kibaran will also be providing eligible shareholders with the opportunity to participate in a share purchase plan (SPP) at the same issue price of 10c a share.
The company intends to raise up to R1-million under the SPP, which will not be underwritten.
Under the SPP, each eligible shareholder will be entitled to apply for up to $15 000 worth of shares.
The record date for participation in the SPP, which will not require shareholder approval, is February 26.
Details of the SPP are expected to be dispatched to eligible shareholders by March 8.
The proceeds from both the share placement and SPP, together with existing cash reserves, will be applied to the company’s key programmes, which include securing debt finance to enable construction to proceed at the Epanko graphite project, in Tanzania, as well as finalising developments to enable construction of the first EcoGraf battery graphite production facility in Asia.
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