Armadale Capital raises capital to fund Tanzania mine feasibility study
Source - SMW
Armadale Capital said it had raised around £795k through a share placing to support the completion of a definitive feasibility study for the Mahenge Liandu graphite project in Tanzania.
New shares in the company were issued at 1.1p each.
Each financing Share had an attaching warrant to subscribe for a further new share at 2.2p, with a three-year expiry life.
'The strategic financing announced today provides the necessary capital to secure the completion of the company's key definitive feasibility study for its Mahenge Liandu graphite project and will bring Armadale to the point at which we will make the decision to mine,' director Nick Johansen said.
At 1:56pm: (LON:ACP) Armadale Capital PLC share price was +0.03p at 1.18p