Argonaut, as lead manager, has been successful in the heavily oversubscribed Placement of A$4.1 million (gross) for Kibaran Resources Limited (ASX: KNL) (“Kibaran”) via a Placement to Australian and international institutional and sophisticated investors of approximately 24.4 million new ordinary shares at an issue price of A$0.17 per share.
The Placement will be followed by a Share Purchase Plan (“SPP”) to eligible shareholders at an issue price of $0.17 per share to raise up to approximately $1.0 million.
Proceeds will be used to fund the continued development of Kibaran’s 100% owned Epanko Graphite Project in Tanzania through to Decision to Mine.
Commenting on the Placement, Executive Director Andrew Spinks said “This is very pleasing result of the Placement will enable Kibaran to rapidly progress its flagship Epanko Graphite Project. The exceptional demand for participation in the Placement highlights that investor interest remains strong for quality graphite companies and is recognition of Kibaran’s advanced technical progress, binding off-take agreement and the exceptional investment value the company represents.
Whilst we are pleased with new institutional and sophisticated investor support, the SPP gives all existing shareholders the opportunity to take up further shares at the same price as the Placement and we look forward to their ongoing support.”
Argonaut is delighted to be involved with Kibaran and looks towards the relationship continuing.
Additional information regarding Kibaran and the Capital Raising can be found on the company’s website at www.kibaranresources.com.au.