23rd Jun 2016 11:08
LONDON (Alliance News) - Armadale Capital PLC on Thursday said it raised GBP825,000 by selling 41.3 million new shares in a placing priced at 2.0 pence.
The money, which was raised with new and existing investors, will be used to support the development of the Mahenge Liandu graphite project in south east Tanzania, Armadale said in a statement. The stock was down 6.4% at 1.75p on Thursday.
Armadale is in the process of acquiring the Mahenge Liandu graphite project.
"Having identified high grade graphite mineralisation at the Liandu Project in Tanzania, we are focussed on implementing a fast paced development programme and are targeting the delivery of a Maiden Resource estimation later this year," Chairman Peter Marks said in a statement.
"Global demand for commercial graphite, which is an essential component of the modern lithium-ion battery, is growing at a rapid rate and expected to double within the next eight years. This has positive implications for the pricing outlook, particularly for a project such as Liandu, which is significantly de-risked thanks its highly prospective location contiguous to well established graphite projects," Marks said.
finnCap is Armadale's nominated adviser and broker.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Armadale Capital