Walkabout Resources Ltd (ASX:WKT) will conduct a 1 for 23 share consolidation.
The timeline includes:
- Record date: Friday December 2, 2016.
- Trading starts on a normal T+2 basis: Monday December 12, 2016.
- First settlement of trades conducted on a +deferred settlement basis and on a normal T+2 basis: Wednesday December 14, 2016.
Just last month Walkabout discovered a new exploration zone with grades of up to 36.6% total graphitic content within the 70% owned Lindi Jumbo Graphite project located in Tanzania.
The new zone is at least 4 kilometres in strike identified 20 kilometres to the east of Gilbert Arc deposit.
Lindi
Walkabout is fast tracking the development of Lindi to take advantage of forecast market conditions for flake graphite deposits with high ratios of large and jumbo flakes.
The company has developed a proprietary processing technique which yields exceptionally high ratios of large, jumbo and super jumbo flakes into concentrate.
This premium product will allow higher than average revenues to be achieved
Metallurgical results have already indicated a basket price for Lindi concentrate valued at US$1,529 to US$2,567.