Walkabout Resources Ltd (ASX:WKT) has received strong support from professional and sophisticated investors of Taylor Collison, with its share purchase plan shortfall fully subscribed.
The funds will be employed in progressing the development of the Lindi Jumbo Graphite Project in south east Tanzania.
Allan Mulligan, managing director, commented:
“Our shareholders and the market have responded with a total amount of $1,065,303 before expenses since February and we believe this is excellent in these difficult times.
“This means we can proceed with our accelerated plans without losing momentum in the project.”
Lindi Jumbo Graphite Project
Walkabout has already satisfied the earn-in requirements for 70% of the licences, and has environmental permitting and planning processes underway.
The company has a strategy to mine the high-grade envelope at Lindi as it seeks to attract a cornerstone investor and path to early project development.
Walkabout is aiming to produce a high-grade jumbo and large flake concentrate product.
This strategy should assist to introduce an end-user market partner which will secure product off-take.
Walkabout remains in discussions with investor groups wishing to secure a cornerstone investment in the development of the project.
The environmental permitting and planning process is currently underway.
Geology and drilling
Further limited and in-fill drilling within the Resource zone is planned for April or May.
Additional follow up work on identified, high grade outcrop areas will be planned as well.
During this campaign, Walkabout said that drilling for suitable water sources and potential construction and geotechnical requirements will also be completed.
Further samples for the purposes of metallurgical optimisation and pilot scale testing will also be retrieved.
Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.