Zambezi to raise $15m for Kangaluwi

West Perth-based explorer Zambezi Resources has announced a new finance package worth up to $15 million to finalise exploration and feasibility studies for its Kangaluwi copper project in Zambia.

Zambezi said today it had accepted an offer from LinQ Capital for the provision of a $10 million convertible note facility.

The key terms of the proposed facility include two tranches of convertible notes at $5 million each.

The company also said it planned a 1 for 5 rights issue at 2 cents per share to raise a further $5 million.

Zambezi said it anticipated the funding would be sufficient to complete drilling programs and a feasibility study for Kangaluwi over then next 12-18 months.

At 11:55AM (WST) Zambezi's stock was steady at 2.5 cents.