Kibaran Resources (ASX:KNL) managing director Andrew Spinks and chairman John Park have increased their shareholdings in the company through its recent $1.5 million share purchase plan priced at $0.17 each.
Shareholders had demonstrated their support for the company by oversubscribing for the SPP, which originally sought to raise up to $1 million.
Along with the $4.1 million placement, Kibaran is now funded to complete the Epanko Bankable Feasibility Study and take the company to a development decision.
Spinks subscribed for 117,648 shares worth a total of $20,000, taking his indirect holding up to 16,751,998 shares while Park acquired 147,060 shares for $25,000.
Kibaran recently reached a key milestone at Epanko in Tanzania with the receipt of the Environmental Impact Assessment Certificate.
Adding to the interest, this is the first certificate to be issued for a graphite project in the country since the historic Graphtan Graphite Mine at Merelani was operating in the 1990s.
Epanko is located 245 kilometres southwest of Morogoro in south-east Tanzania.
It currently has a JORC Indicated and Inferred Resource of 22.7 million tonnes at 9.8% TGC, for 2.223 million tonnes of contained graphite.
With this estimate only covering 20% of the project area, the resource could be just the tip of the iceberg.
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