PERTH (miningweekly.com) – Junior AVZ Minerals is now fully funded for a decision to mine at its Manono lithium project, in the Democratic Republic of Congo, following a A$15-million share placement and share purchase plan (SPP).
AVZ has raised $9.8-million from a share placement, with some 257-million shares issued, at a price of 3.8c each, under the company’s existing placement capacity.
Lithium Plus has subscribed for A$3-million worth of shares in the placement, and now holds a 3.46% interest in AVZ, with shareholder Zhejiang Huayou Cobalt subscribing for A$1-million worth of shares to maintain its 9.3% shareholding.
In addition to a previously completed SPP, AVZ has now raised A$15-million before costs.
“The placement together with the oversubscribed SPP will leave AVZ fully funded to final investment decision,” said MD Nigel Ferguson, adding that the funds would be used to fast-track the Manono lithium and tin project towards production.
AVZ holds a 60% interest in the Manono project, which covers some 188 km2 of tenements.