MZI Resources (ASX: MZI) is raising $500,000 as additional working capital to complete its near term activities relating to development funding for its Keysbrook mineral sands project in Western Australia.
The funds will be raised through a placement of 33,333,334 shares priced at $0.015 arranged by Argonaut Securities.
This follows the recent agreement with Argonaut to underwrite the company's $3 million share purchase plan, which raised $2 million, via a placement of the shortfall shares.
In addition, Argonaut has agreed to provide a short term funding facility of $500,000 repayable out of the Placement funds.
MZI is in discussions concerning a larger funding package to underpin development of Keysbrook.
In June, MZI executed a Port Services agreement with the Bunbury Port Authority and finalised a sales agreement with DuPont Titanium Technologies in April for 100% of Keysbrook Project L70 product.
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.