PERTH (miningweekly.com) – Graphite developer Kibaran Resources has raised A$4.1-million through a share placement to fund the continued development of the Epanko project, in Tanzania.
Kibaran on Friday announced that the company had received firm commitments to raise the funds through the placement of 24.4-million shares, at 17c each to institutional shareholders.
The share placement had been heavily oversubscribed, Kibaran told shareholders.
Meanwhile, the company would also launch a share purchase plan (SPP), on the same terms as the placement, to raise a further A$1-million.
Shareholders eligible for the SPP would be allowed to acquire up to A$15 000 in new Kibaran shares.
“This very pleasing result of the placement will enable Kibaran to rapidly progress its flagship Epanko graphite project. The exceptional demand for participation in the placement highlights that investor interest remains strong for quality graphite companies and is recognition of Kibaran’s advanced technical progress, binding offtake agreement and the exceptional investment value the company represents,” said Kibaran executive director Andrew Spinks.
A bankable feasibility study on the Epanko project was expected before the end of June.