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Kibaran Resources Ltd. (ASX:KNL) announced that it’s received “firm commitments” to raise $4.1 million via an equity placement. Furthermore, the company said it will offer a share purchase plan to all eligible shareholders to raise a further $1 million.

Kibaran Resources Ltd. (ASX:KNL) announced that it’s received “firm commitments” to raise $4.1 million via an equity placement. Furthermore, the company said it will offer a share purchase plan to all eligible shareholders to raise a further $1 million.

Highlights include:

  • Kibaran to raise $4.1 million through an oversubscribed placement of 24.4 million shares at 17 cents per share
  • Placement includes new Australian and international institutional shareholders
  • Share Purchase Plan also to be undertaken to enable all eligible shareholders the opportunity to participate at the placement price
  • Proceeds to fund continued development of 100% owned Epanko Graphite Project through to Decision to Mine

Further placement details include:

The Placement consists of 24.4 million new shares to be issued at a price of 17 cents per share to raise total funds of $4.148 million. The new shares issued will rank equally with all other fully paid ordinary shares on issue.

The Company expects settlement of the placement on or about 24 April 2015 and will issue the shares pursuant to ASX Listing Rules 7.1 and 7.1A.

Andrew Spinks, executive director of Kibaran, commented:

This very pleasing result of the Placement will enable Kibaran to rapidly progress its flagship Epanko Graphite Project. The exceptional demand for participation in the Placement highlights that investor interest remains strong for quality graphite companies and is recognition of Kibaran’s advanced technical progress, binding off-take agreement and the exceptional investment value the company represents.

Whilst we are pleased with new institutional and sophisticated investor support, the SPP gives all existing shareholders the opportunity to take up further shares at the same price as the Placement and we look forward to their ongoing support.

Click here to read the full Kibaran Resources Ltd. (ASX:KNL) press release.

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