Tanzanian graphite developer Mozambi Resources (ASX:MOZ) has moved out of a trading halt to raise $4.5 million at $0.033 each reflecting the strong interest in its graphite project.
This included an additional $1.87 million that was accepted in over-subscriptions and the company is funded to now complete a Pre-Feasibility Study for development at Namangale.
Interest was strong from sophisticated investors with Taylor Collison as lead manager and interestingly supported by the vendor of the project as well as from directors and major shareholders.
The Namangale Project in Tanzania has a 179 million tonne resource at 5.1% graphitic carbon but it is the metallurgical results that show a very high proportion of super jumbo (+500μm) and jumbo (+300μm) flake sizes that provides a platform for a development case.
Mineralisation at the three drilled deposits, occurs from surface and bullishly is open in all directions.
Stephen Hunt, previously a non-executive director has been appointed executive chairman to oversee off take negotiations and financing, leveraging his experience with Magnis Resources (ASX:MNS) where he secured finance and off take agreements.
As Hunt put it, "...Mozambi is progressing Namangale towards production...and Mozambi is on the way to providing a key ingredient of clean battery cell technology."
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