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  • Kaboko Mining Raises Funds For Zambia Manganese Exploration And Development 0 comments
    Sep 4, 2013 8:12 PM

    Kaboko Mining (ASX: KAB) has raised $170,440 from valid subscriptions of its fully underwritten non-renounceable entitlement issue of options.

    The acceptances for 292,415,898 options exercisable at $0.012 on or before at an issue price of $0.001 each, represents a take-up of about 59%.

    Proceeds will be used for exploration and development in Zambia as well as for working capital.

    The company will now place the shortfall of options to the value of $121,975 (121,975,898 options) with the underwriter Komodo Capital.

    Kaboko had last month made its first sale of 2,000 tonnes of high-grade manganese ore from the Mansa mine in Zambia to the Noble Group under its $10 million pre-pay and offtake agreement.

    It has also drawn down a further US$1.16 million from Tranche B of the $10 million facility from Noble for additional key mining plant and equipment to accelerate production from Mansa.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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