PERTH (miningweekly.com) – Junior Nzuri Copper will raise A$4.78-million through a share placement to institutional and sophisticated investors, to complete the definitive feasibility study (DFS) at its Kalongwe copper project, in the Democratic Republic of Congo (DRC).
Nzuri, formerly Regal Resources, on Thursday said the company would place some 21.1-million shares, priced at 22.7c each, to raise the funds.
“We are pleased with the demand for this placement and thank new investors for their support and acknowledge the continued support of our shareholders,” said Nzuri CEO Mark Arnesen.
He noted that the participants in the placement included several institutional investors and other sophisticated or professional investors that were likely to be long-term supportive shareholders of the company.
Funds raised under the placement will be used to complete the DFS at its Kalongwe project, as well as fund early project development and exploration for Nzuri’s earn-in agreement with Ivanhoe Mines.
The two companies in 2015 struck a deal under which Nzuri, then Regal, could earn an 80% interest in five permits held by Ivanhoe by spending an initial $3-million on exploration within a three-year period. Nzuri could increase its shareholding in the projects to 90% by spending a further $3-million on the project areas in the following two years.
Edited by: Creamer Media Reporter
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