PERTH (miningweekly.com) – ASX-listed junior AVZ Minerals is hoping to raise up to A$10-million through an underwritten share purchase plan (SPP) to advance its Manono lithium and tin project, in the Democratic Republic of Congo.
The SPP will be underwritten to A$5-million by Patersons Securities, with the shares to be issued at a 20% discount to the volume weighted average share price over the five days before the date of issue.
Under the SPP, eligible shareholders can subscribe for up to A$15 000 worth of new shares in the company.
The funds raised will be used to fast-track the pre-development activity such as the definitive feasibility study, including hydrogeological testwork, environmental studies, pit dewatering and for general working capital.
The SPP will close on February 18.