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Zambezi Resources withdraws rights issue due to market volatility

Zambezi Resources (ASX: ZRL) has withdrawn the one for five rights issue due to the recent equity market volatility and instability.

The rights were to be priced at $0.02 to raise up to $5 million.

Importantly though Zambezi has confirmed that the company has adequate funding currently in place to continue with the planned drilling programs, and the Feasibility Studies towards the development of the Kangaluwi Copper Project in Zambia.

The current resource at the project is 23.4 million tonnes at 0.85% copper for 200,575 tonnes of contained copper.

There are also anticipated additional resources from Kalulu Prospect of 11 million tonnes at 0.89% copper for 98,000 tonnes of contained copper.