Kibaran raises $4.1m in placement
Kibaran Resources says a $4.1 million discounted placement has closed oversubscribed.
The graphite explorer said place 24.4 million new shares with institutional investors at 17 cents a share to continue the development of its Epanko graphite project in Tanzania through to the point of a final investment decision.
The company also announced a share purchase plan for retail shareholders to raise an extra $1 million.
Shareholders could apply for up to $15,000 worth of shares, also priced at 17 cents each.
Kibaran said the funds would enable the completion of the bankable feasibility study, the ordering of long lead items and provide working capital through to a decision to mine.
Executive director Andrew Spinks said the exceptional for stock in the placement highlighted that investor interest remained strong for quality graphite companies and was recognition of Kibaran's advanced technical progress, binding off-take agreement and the exceptional investment value the company represented.
Kibaran shares were off half a cent, or 2.5 per cent, to 19.5 cents at 9.55am.
