Nzuri raises funds for DRC project
PERTH (miningweekly.com) – Base metals company Nzuri Copper has raised A$6-million through a share placement and convertible loan to advance its Kalongwe copper/cobalt project, in the Democratic Republic of Congo.
The ASX-listed company told shareholders that it had received binding commitments to raise some A$3.07-million through the placement of around 12-million shares, priced at 25.5c each.
The shares will be issued under the company’s existing capacity.
In addition to the placement, Nzuri’s largest shareholder, Tembo Capital, has agreed to advance the company a loan of around A$2.93-million, on an interest-free and unsecured basis.
The converting loan will automatically convert to around 11.5-million shares, at the same issue price as the placement, subject to the receipt of shareholder approval. If not approved, the converting loan will become immediately repayable.
Conversion of the converting loan would maintain Tembo Capital’s existing interest in the company at 48.89%.
Meanwhile, Nzuri was also planning a share purchase plan, offering eligible shareholders the opportunity to subscribe for A$15 000 worth of new shares, priced at 25.5c each.
Nzuri CEO and executive director Mark Arnesen said on Wednesday that the proceeds from the capital raise would further strengthen the company’s balance sheet, ensuring that Nzuri is in a strong position to progress all key work-streams currently under way at its Kalongwe project, including early stage development activities for the dense media separation project, and Stage 2 expansion studies, as well as its aggressive exploration push targeting near-term mine opportunities and the broader project.
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