Argonaut, as Joint Lead Manager, has successfully raised A$10.9 million for Kibaran Resources Limited (ASX: KNL) (“Kibaran” or “the Company”) via a placement to institutional and sophisticated investors of 47,391,304 new ordinary shares at an issue price of A$0.23 per share. The capital raising was significantly oversubscribed.
Commenting on the capital raising, Kibaran Managing Director, Andrew Spinks said, “the capital raising would enable the Company to accelerate pre-development activity at Epanko. This will enable us to move quickly into the detailed construction phase of the project when the project funding is completed. The raising will also allow us to press ahead rapidly with studies on expanding the plant to capitalise on growing demand from the lithium battery market and the feasibility study on producing battery-grade graphite. This means we will be in a position to increase production and add further value to our product much sooner than would otherwise be the case.”
Argonaut is delighted to provide ongoing support to Kibaran and looks forward to continue working with the Company.
Additional information regarding Kibaran and the capital raising can be found on the Company’s website at www.kibaranresources.com.
