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Walkabout Resources plans capital raising to expedite development of Lindi Jumbo Graphite Project

Published: 09:34 09 Oct 2018 AEDT

Walkabout Resources Ltd (ASX:WKT) chairman Trevor Benson updates Proactive Investors on the explorer’s underwritten $3-million share purchase plan (SPP) that will open next Friday, October 12.

Funds raised under the SPP will be used to progress development of the Lindi Jumbo Graphite Project in southeastern Tanzania where the company was recently granted a mining licence. With current cash reserves of circa $5 million, the company will have circa $8 million cash at bank upon completion of the SPP before costs.

“With our very strong cash position after this raising we’ll be able to look at alternatives in terms of quasi-debt, debt, soft loans … and we’re looking at a whole raft of different [funding] structures,” Benson says.

Walkabout Resources nears commissioning of Lindi Jumbo Graphite Mine

Walkabout Resources Ltd (ASX:WKT) CEO Andrew Cunningham joins Proactive's Stephen Gunnion with an update on the Lindi Jumbo Graphite Mine in Tanzania, saying the project is on track for commissioning despite a tight schedule and challenges such as shipping delays. The arrival of backup...

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