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Walkabout Resources Ltd (ASX:WKT) is making great strides to secure the financing required to fully fund the Lindi Jumbo Graphite Project in Tanzania into development and production.
The latest step has seen the company close a 1 for 10 non-renounceable entitlement issue with Walkabout to reel in more than $7.6 million in funding, with new shares slated for issue on July 12 and quotation set to occur the following day.
During the raise, shareholders subscribed for just over 20 million of the 38 million shares on offer, raising slightly more than A$4 million.
Walkabout’s entitlement offer was underwritten, meaning a suite of shareholder underwriters, including the company chairperson, will pick up more than 18 million shortfall shares between them to raise the full A$7.6 million.
Walkabout Resources completes entitlement offer, secures $7.6 million to drive Lindi Jumbo Graphite Mine toward production
The fresh equity will unlock a key funding package and support Walkabout as it works to move its flagship Tanzanian graphite project into production. Walkabout Resources will use the capital to develop its flagship Tanzanian graphite play.
Walkabout Resources Ltd (ASX:WKT) is poised to bring in more than A$7.6 million in funding after closing its latest entitlement offer.
The graphite explorer finalised its one-for-10, non-renounceable entitlement issue on Monday, July 5, with new shares slated for issue on July 12 and quotation to occur the following day.
S&P/ASX 200 gains as IT, health care stocks outperform
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S&P/ASX 200 gains as IT, health care stocks outperform
Oil prices jumped to its highest level in six years after talks between OPEC and its oil-producing allies were postponed indefinitely. On Tuesday, US oil benchmark West Texas Intermediate crude futures surged to US$76.98, a price not seen since November 2014.
S&P/ASX 200 (INDEXASX:XJO) gained 0.65% to 7,308.7 points by about 12.50 pm as high-growth technology and health care stocks rebounded from Tuesday’s selloff, outperforming the heavyweight banks, miners and retail giants.
Buy now, pay later player Afterpay (ASX:APT) jumped 4% to $119.45 and rival Zip Co (ASX:Z1P) hained 4.3% to $7.56.