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Kogi Iron receives commitments to raise $0.56 million in share placement

The company is progressing partnership discussions to develop its Agbaja Cast Steel Project in Nigeria.

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Placement of 6.6 million shares at 8.5 cents each

Kogi Iron Ltd (ASX:KFE) has received firm placement commitments from professional and sophisticated investors to raise $0.56 million before costs.

The placement of 6.6 million ordinary fully paid shares is at a price of 8.5 cents each.

Funds raised pursuant to the share placement will be used to progress work on ongoing studies required for the Agbaja Cast Steel Project definitive feasibility study and to provide working capital.

READ: Kogi Iron progressing partnership discussions to develop Agbaja Cast Steel Project

Earlier this week, Kogi entered into a letter of intent (LOI) to progress discussions with the Inner Galaxy Group regarding a strategic partnership for the development of Kogi’s Agbaja Cast Steel Project in Nigeria.

Inner Galaxy is a Nigerian based company with steel production operations in Lagos State (capacity 200,000 tonnes per annum) and a facility near Aba in the Port Harcourt region (capacity 800,000 tonnes per annum).

The LOI is non-binding and is intended to provide a framework for further discussions to be held regarding the development of the Agbaja Cast Steel Project and the long term off-take of production from the Agbaja project.

Quick facts: Kogi Iron Ltd

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ASX:KFE
Market: ASX
Market Cap: $23.98 m
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