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MZI Resources Raises Funds To Support Keysbrook Mineral Sands Project

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.

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