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Kaboko Mining Raises Funds For Zambia Manganese Exploration And Development

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.

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