Kibaran shakes can for Tanzania graphite project
PERTH (miningweekly.com) – Junior explorer Kibaran Resources has completed a A$3.1-million share placement to progress its flagship Epanko graphite project, in Tanzania.
The ASX-listed company on Friday announced that it had issued some 23.1-million shares, at a price of 13.5c each to a combination of existing investors, as well as sophisticated retail investors and funds.
“The strong demand highlights that investor interest remains strong for quality resources and is recognition of Kibaran’s advanced technical progress, binding offtake agreement and exceptional investment value the company represents,” said executive director Andrew Spinks.
He noted that the broadening of the company’s shareholder base with several new institutional investors was a positive development, and provided Kibaran with a solid foundation to grow.
The funds raised in the placement would be used on a diamond drilling programme at Epanko, as well as metallurgical and pilot plant test work, feasibility studies and the application for a mining licence.
Earlier this year, Kibaran signed a non-binding memorandum of understanding (MoU) with Aim-listed Richland Resources to consolidate its Merelani-Arusha graphite project, in Tanzania, with other assets in the region.
Under the terms of the MoU, the two companies have agreed to undertake due diligence and to work towards a legally binding agreement to consolidate their respective graphite assets into a joint venture.
Kibaran said on Friday that the company was continuing to advance discussions with Richland, and if the negotiations were successful, it would divert some of its funding to the Merelani-Arusha project.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation