Energia bags $8m for zinc project
Shares in Perth explorer Energia received a small kick this morning after it announced an $8 million funding package with Perth brokers Euroz to help the development of its zinc project in Italy.
Kim Robinson-led Energia, formerly a uranium explorer, shifted its focus to the Gorno Zinc project near Bergamo in northern Italy on the back of the recent jump in the zinc price.
The metal has jumped from about $US1900 per tonne at the start of the year to $2352 per tonne today.
The proposed funding package consists of a $6 million share placement at 2.5 cents per share to Euroz clients and a $2 million issue, underwritten by Euroz, at the same price dependent on shareholder approval.
Shares in the company were up 0.3 cents to 2.8 cents at 1pm.
Energia also announced a $125,000 loan and a potential capital injection from former Sphere Minerals chief Alexander Burns. Sphere was taken over by Xstrata for $514 million in November 2010.
The company said the funding package would enable it to fast-track further development of the Gorno project.
