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Walkabout Resources opens rights issue to advance lithium and graphite assets

The company has already secured $3.4 million in a share placement.
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The funds will support the company’s projects in Africa and Northern Ireland

Walkabout Resources Ltd (ASX:WKT) has opened a rights issue with the aim of raising up to $6.7 million.

The 1:3 renounceable pro rata entitlement offer at $0.10 per share is part of a $10.1 million capital raising program to support the company’s projects in Africa and Northern Ireland.

The offer is partially underwritten by Patersons Securities Limited.

Walkabout has sent a prospectus for the issue to shareholders who have until 17 January 2018 to accept the offer.

READ: Walkabout Resources raising $10 million for projects in Africa and Northern Ireland

The company has already secured $3.4 million from institutional and sophisticated investors through a share placement at $0.101 each.

Lithium exploration program

The new funding will help underwrite exploration of Walkabout's lithium prospects in Namibia.

The company recently acquired two licences in the prospective Orange River Pegmatite Belt (ORPB) in in the Karas region of southern Namibia, including the Eureka Lithium Project.

Recent mapping has highlighted the outcrop of more than 60 previously unmapped pegmatites on the properties that have not previously been exposed to modern exploration techniques for lithium.

An exploration program is planned to start this month at Eureka.

Option to acquire remaining 30% of Lindi Jumbo

Walkabout holds 70% of the Lindi Jumbo Graphite Project in Tanzania and plans to use the funds to exercise an option to acquire the remaining 30% from the vendor for US$1 million.

Funds will also be used to order equipment from China required to commence project development.

Lindi Jumbo is awaiting the grant of a mining licence from the Tanzanian government.

Northern Ireland portfolio

The company has also acquired the entire Northern Ireland exploration portfolio of Lonmin PLC (LON:LMI).

These licences are prospective for gold, base metals and other minerals, including lithium.

Walkabout plans reconnaissance and follow up work on these licences.

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