Strandline in $3m raising

Strandline Resources has boosted its coffers with a $3 million capital raising to fund development its mineral sands projects in Tanzania and Western Australia.

The company has issued 27.3 million shares at 11 cents each, with major shareholder Tembo Capital subscribing for about half of the placement.

Strandline said the proceeds from the placement would be used to advance the Coburn mineral sands project definitive feasibility study, along with exploration costs at the Fungoni project.

Managing director Luke Graham said the company was well-placed to capitalise on the growing mineral sands market.

“At Fungoni, key development approvals are already in place and project financing is under way,” he said.

“The updated DFS released last week showed Fungoni will generate strong financial returns on the back of low capital and operating costs.

“At the same time, we are on track to release the revised-DFS on Coburn in the coming quarter and we are already assessing partnering and funding options for the project.”

Shares in Strandline finished ahead 14.29 per cent at 12 cents each today.