PERTH (miningweekly.com) – Mineral sands miner Strandline Resources will raise A$5.5-million for project works in Western Australia and Tanzania.
The company will issue 46-million shares, priced at 12c each, to institutional and sophisticated investors, with shareholder Tembo Capital set to take part in the placement.
The shares will be issued under Strandline’s existing placement capacity, and will not require shareholder approval.
Proceeds from the placement will be used to advance the Coburn project, in Western Australia, including negotiations with strategic partners, financiers and offtakers.
Funds will also go towards ongoing exploration and development of Strandline’s pipeline of projects in Tanzania, including finalising project funding for the Fungoni project and a Joint Ore Reserves Committee-compliant mineral resource for the Tajiri project.