Kibaran Resources has raised just over $1.1 million to fund drilling programs at its Mahenge graphite project in Tanzania.
The Perth-based explorer announced this morning it had placed nearly 9 million shares at 12.5 cents each with sophisticated investors to raise $1.125 million.
Settlement of the placement is expected to occur by the middle of next week.
The funds will enable the company to complete an upgrade of the project’s Epanko resource from inferred to indicated and also advance metallurgical studies.
Kibaran said the funds would also advance further evaluation of a suite of graphite prospects in Tanzania the company is considering acquiring.
At 11:45AM, WST, Kibaran’s stock was steady at 13.5 cents.