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Walkabout Resources Ltd

Walkabout Resources in trading halt ahead of capital raising news

The company’s securities will remain in a trading halt until the beginning of trade on May 7, 2019, or until an announcement is made to the market.

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Walkabout Resources specialises in graphite exploration and development in East Africa

Walkabout Resources Ltd (ASX:WKT) is in a trading halt pending an announcement in relation to a capital raising.

This trading halt will end at the start of ASX trading on Tuesday May 7, 2019, or when an announcement is made to the market, whichever occurs earliest.

The company’s shares last traded at 26 cents.

READ: Walkabout Resources progresses Lindi Jumbo in Tanzania with offtake and marketing deals

Earlier this month the company signed a binding global sales, purchase and marketing agreement with international commodities trading house Wogen Pacific Limited.

The deal will see Wogen activity market Walkabout’s graphite concentrate globally for a five-year period.

Wogen will initially contract to buy and market a minimum of 10,000 tonnes up to a maximum of 30,000 tonnes per annum of concentrate.

READ: Walkabout Resources signs binding agreement with metals trader

Walkabout Resources also signed its second binding offtake agreement to supply premium graphite from its Lindi Jumbo Graphite Project in southeast Tanzania to Chinese graphite products manufacturer Qindao Risingdawn Graphite Technology Co (QRGT).

Walkabout Resources executive chairman Trevor Benson said: “Since engaging with a number of potential offtake partners we are seeing an increased level of confidence in our product and a growing interest in our ability to deliver a stable supply of quality, large flake graphite.

“This is evidenced in the recent signing of binding offtake term sheets.

“This binding offtake term sheet with Qindao Risingdawn together with the recently announed Inner Mongolia Qianxin Graphite term sheet substantially reduces the demand side risk of the project and is very important for our ongoing funding discussions.”

Quick facts: Walkabout Resources Ltd

Price: $0.25

Market: ASX
Market Cap: $77.63 m
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