JOHANNESBURG (miningweekly.com) – Tanzania-focused mineral sands developer Strandline Resources has raised about $2.3-million in equity funding through the successful completion of a share placement with mining-focused private equity fund group Tembo.
As a result of the placement – comprising about 333-million new fully paid ordinary shares at 0.7c a share – Tembo, which specialises in supporting emerging resource companies in developing countries, became a 19.4% shareholder in Strandline.
Moreover, in line with Tembo’s desire to provide strategic and financial support to Strandline, Tembo representative and experienced geologist John Hodder was also appointed to the board of the ASX-listed company as a nonexecutive director.
“We are delighted to have completed this initial stage of what we hope and expect to be a long-term and mutually beneficial relationship between Tembo and Strandline. We are excited about the possibilities that [Strandline’s] Tanzanian projects hold and look forward to working with the Strandline team to unlock the obvious potential which exists in what is essentially the last underexplored piece of the south-east African coastline,” said Hodder.