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MZI raises interim funds

4th November 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Mineral sands developer MZI Resources has raised A$5-million through a share placement to continue work on its flagship Keysbrook project, in Western Australia, while it finalises debt funding.

The miner said on Monday that it had raised A$4.04-million in a share placement, pricing the shares at 1.3c each. A share purchase plan raised an additional A$96 000 at 1.29c each.

MZI noted that the funding would provide the company with the opportunity to complete the debt funding process for Keysbrook, start early-stage engineering and design work, and to continue other project-related activities.

MZI was currently looking for a new funding source after one of the two banks previously involved in its debt financing process decided to withdraw.

Edited by Creamer Media Reporter

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