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AVZ eyes A$10m capital raise

24th January 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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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.

Edited by Creamer Media Reporter

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