Graphite mining in Tanzania. PHOTO | FILE
Graphex Mining Ltd has raised $2.45 million in placement of 8.7
million shares to fund Chilalo graphite project in southeast Tanzania.
The proceeds will be used to conduct a feasibility study, finance and offtake arrangements for the project.
Graphex
managing director Phil Hoskins said the Australia Securities
Exchange-listed company received strong support for the shares placement
from existing shareholders and new investors.
Shareholders' approval
Bridge
Street Capital Partners managed the placement of 8.7 million shares to
investors and Graphex’s directors subscribed for 320,572 of equities,
which are subject to shareholder approval at the company’s next general
meeting.
“We were also mindful of capping placement at
12.5 per cent of issued capital to preserve company’s tight capital
structure,” said Mr Hoskins.
After Syrah Resources Ltd exported first cargo of graphite from
Mozambique in 2017, a number of firms are taking strategic positions in
Tanzania to cash in on the growing global demand for battery powered
electric vehicles.
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