AVZ Minerals investors support Manono Lithium and Tin Project through heavily oversubscribed $40 million placement
The placement, which was oversubscribed by A$10 million, was well supported by high-quality institutions from Australia and North America and includes a European-based physical energy commodities merchant. Proceeds from the placement will increase cash reserves as AVZ progresses toward a Final Investment Decision.
AVZ Minerals Ltd (ASX:AVZ) (OTCMKTS:AZZVF) (FRA:3A2) has received firm commitments to raise A$40 million from sophisticated, professional and institutional investors in a placement to advance the tier-1 Manono Lithium and Tin Project in the Democratic Republic of Congo.
The capital raising was undertaken to allow the board to efficiently progress towards a Final Investment Decision (FID) for the commencement of project development at the Manono Project.
AVZ Minerals lodges Manono Mining Licence application with DRC Government
This “marks the culmination of our highly strategic and well-executed exploration program and is another signal that the company is rapidly advancing towards the construction phase of our mining project and, ultimately, moving into production,” says MD. The company is working towards delivery of the first SC6 lithium product in the first quarter of 2023.
AVZ Minerals Limited (ASX:AVZ) (OTCMKTS:AZZVF) (FRA:3A2) has passed a key milestone along the path to production at Manono Lithium and Tin Project with a Mining Licence application lodged with the DRC Government.
All of the required documentation to support AVZ’s application for the Permis d’Exploitation (Mining Licence) has been lodged by AVZ’s majority-owned DRC company Dathcom Mining SA and accepted for consideration by the Cadastre Minier (CAMI) in Kinshasa.
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