04/11/2013 - 13:45

Equity group boosts MZI stake

04/11/2013 - 13:45

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MZI Resources has completed a $5 million equity raising, with international private equity group Resource Capital Fund boosting its stake in MZI to just less than 15 per cent.

Equity group boosts MZI stake
Drilling operations at MZI's Keysbrook operation south of Perth.

MZI Resources has completed a $5 million equity raising, with international private equity group Resource Capital Fund boosting its stake in MZI to just less than 15 per cent.

RCF subscribed for $1.79 million of a placement worth just more than $4 million at 1.3 cents per share. 

A further $960,000 was raised through a share purchase plan.

Argonaut was lead manager to the placement with Foster Stockbroking acting as co-manager.

MZI said the funds would allow the company to finalise the debt funding process for the company's Keysbrook mineral sands project.

RCF last month agreed to provide MZI with $US41.5 million in funding towards development at Keysbrook.

RCF emerged as MZI's largest shareholder earlier this year after purchasing $3 million worth of the company's shares.

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