Zambezi Resources (ASX: ZRL) has secured A$5.85 million in funding over two years from New York-based fund Bergen Global Opportunity Fund to progress its wholly owned Kangaluwi Copper Project in Zambia to the feasibility stage.
The facility is in the form of a Share Purchase Agreement under which Zambezi will issue Bergen up to A$5.85 million worth of fully paid ordinary shares over a 24-month period.
Importantly, the staged funding will minimise dilution to Zambezi's existing shareholders.
Zambezi has also completed a non-renounceable rights issue raising around $1.14 million to go towards advancing Feasibility Study Work.
The Kangaluwi Copper Project covers 245 square kilometres and comprises the Kangaluwi, Chisawa and Kalulu deposits.
The project hosts a resource of 46 million tonnes at 0.67% for 300,000 tonnes of contained copper.
Numerous geophysical targets in the project area are yet to be evaluated, with only a quarter of the 28 kilometre strike length drill tested to date.
An exploration target of 162.9 million tonnes at 0.7% for a conceptual aggregate of 208.9 million tonnes at 0.7% for 1.4 million tonnes of contained copper has been outlined for the project, indicating significant exploration upside.
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