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Metals Of Africa Tucks Away Funding For Graphite Exploration

Metals of Africa (ASX:MTA) will raise $950,500 in a placement at $0.125 per share taking advantage of investor interest in the Montepuez Graphite Project in Mozambique.

Montepuez Graphite Project comprises the wholly-owned 5572L, 6216L and 6172 with the first two on strike from Syrah Resources' (ASX:SYR) Balama Graphite Project and Triton Mineral's Balama North Graphite Project.

The placement was made to professional and sophisticated investors at a 1.5% discount to the volume weighted average price for the 15 traded days before entering a trading halt on 14 July 2014.

Although the story is the upcoming initial exploration at Montepuez, there is also ongoing work to generate world-class drill targets at the Rio Mazoe Project and Changara JV.

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