PERTH (miningweekly.com) – Junior graphite developer Walkabout Resources has welcomed Chinese engineering firm Jinpeng Mining and Machinery as a cornerstone investor.
Through a $1-million investment, Jinpeng will become Walkabout’s largest investor, holding 10.6% of the company’s shares.
Some 17.2-million shares will be issued to Jinpeng, at a 10% discount to the five-day volume-weighted average price, with the shares to be issued under the company’s placement capacity.
Walkabout chairperson Trevor Benson said on Wednesday that the introduction of an engineering, procurement and construction partner as a cornerstone investor was a significant accomplishment for Walkabout, as it endorsed the high-quality of the Lindi Jumbo project, while aligning with the company’s fast-track modular contracting and development strategy.
The funds will be used to progress the engineering and procurement works at the Lindi Jumbo project, while Walkabout secures further project funding.