Hazelwood raises $500 000 from Vietnam-focused fund
JOHANNESBURG (miningweekly.com) – In a move that has introduced a “significant” investor to its share register, ferrotungsten producer Hazelwood Resources has raised $500 000 through a binding subscription agreement with a foreign-domiciled Vietnam-focused country fund.
The placement was completed on the same terms as the placement announced on May 19, which saw shares sold for 3.5c apiece, with one attaching option for every two shares subscribed in the placement, exercisable at 5.5c a share on or before November 27.
This placement reflected a premium to Hazelwood’s last closing price of 3.3c a share on the ASX and would be added to the $1.5-million that was raised concurrently with the drawdown of $4-million from Hong Kong-based Siderian Resource Capital earlier this year.
The $500 000 would provide additional working capital to allow the group to “opportunistically” acquire tungsten feedstock for its operations during pricing periods that were “beneficial” to Hazelwood.
“Following a period of due diligence, we are very pleased that this specialist Vietnam-focused fund has decided to take a position in Hazelwood to participate in the significant upside that lies ahead for the business as we ramp up to full production at the ATC ferrotungsten operation and look to further enhance profits,” commented MD Terry Butler-Blaxell.
Hazelwood has a 60% stake in the ATC project, located in Vietnam, which is the largest facility of its kind outside China, boasting a maximum production capacity in excess of 4 000/y.
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