PERTH (miningweekly.com) – Junior graphite developer Walkabout Resources will raise A$3-million to advance the development of its Lindi Jumbo project, in Tanzania, through a share purchase plan (SPP).
The SPP will allow eligible shareholders to subscribe for up to A$15 000 worth of shares, priced at a 15% discount to the five day volume weighted average price of Walkabout shares prior to the issue of the new shares.
The SPP will be conducted under the company’s existing placement capacity, and will not require shareholder approval.
Walkabout is currently finalising the engineering, procurement and construction agreement with construction partner Yantai Jinpeng Mining and Machinery, and is engaged in discussions with a number of parties regarding project funding.
These negotiations include debenture and/or converting note facilties, as well as product sales and marketing.
Walkabout’s $29.6-million Lindi Jumbo project is expected to produce some 40 000 t/y of graphite-in-concentrate over a mine life of 20 years.