Alkane raises cash to advance Dubbo
PERTH (miningweekly.com) – Diversified junior Alkane Resources has raised A$10.4-million through a share placement to institutional and sophisticated investors.
The miner said on Monday that it had placed about 40-million shares, under the company’s existing 15% capacity, at a price of 26c a share to raise the funds.
The placement price represented a 4% discount to the last sale price prior to a trading halt on June 12, and a 6% discount to the five-day volume-weighted average price of Alkane shares.
The funds raised from the placement would supplement existing cash reserves and would be used to progress the Dubbo zirconia project’s front-end engineering design, to further product development, and the development and acquisition of water resources for the New South Wales project.
Alkane told shareholders that the funds should enable the company to advance the Dubbo project towards achieving the current development schedule and production in 2016.
The project timetable remained subject to project approval from the state government.
The A$1-billion project is expected to produce about one-million tonnes a year of ore, delivering 3 000 t of ferroniobium under a joint venture agreement with Treibacher Industries.
The project will have an initial mine life of some 20 years and, at current prices, it is expected to generate A$90-million a year in revenue.
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