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Walkabout Resources offers fully underwritten share purchase plan

Published: 13:00 05 Jun 2017 AEST

walkabout-resources_drilling-operations-Botswana-original
A DFS has been completed on Lindi

Walkabout Resources (ASX:WKT) will open a fully underwritten share purchase plan (SPP) to raise $1.25 million primarily to advance the Lindi Jumbo Graphite Project located in Tanzania.

The new shares will be issued at a 20% discount to the 5 day volume weighted average price at the time of issue.

Lindi is being fast-tracked to development and Walkabout is currently engaged in discussions with multiple parties regarding project funding and product sales and marketing.

Walkabout believes the high grade and premium natural graphite flake size has the potential to deliver a long term, low capex, high yield graphite mining operation supplying markets in Europe and China with expandable and other premium graphite products.
Trevor Benson, chairman, commented: “The executive team is particularly focussed on negotiating a pathway to funding for the Lindi Jumbo Project.

“We are making excellent progress with this and driving the project to the commencement of development.

“The funds raised through this SPP and associated placement will ensure the project does not lose momentum and we are able to continue with our fund raising and marketing endeavours. We encourage shareholders to participate.”


SPP timetable

The proposed timetable for the SPP is set out below:

- Record date: 2 June, 2017;
- Opening date: 7 June, 2017;
- Closing date: 23 June, 2017; and
- Quotation of new shares: 29 June, 2017.

The directors of the company will participate in the SPP.

Additionally, Walkabout has agreed to grant the underwriter a right to facilitate a placement of new shares to be issued at the same price as those under the SPP.

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