Mozambique graphite: Metals of Africa raises $9m

Graphite

Metals of Africa has completed an oversubscribed placement to raise $9 million (before costs) to advance its graphite projects in Mozambique.

The placement will be completed via the issue of 100 million shares at a price of $0.09 per share, in two tranches.

The funds raised will be used for spherical graphite feasibility study, anticipated to be completed by Q2 2017 and for early mining earthworks, and mining camp construction.

Source: NT News