Walkabout Resources (ASX:WKT) has now dispatched the Share Purchase Plan (SPP) booklet for a fully underwritten offer that will raise $1.25 million.
The new shares will be issued at a 20% discount to the 5 day volume weighted average price at the time of issue.
The funds will be used to advance the Lindi Jumbo Graphite Project located in Tanzania.
Lindi is being fast-tracked to development and Walkabout is currently engaged in discussions with multiple parties regarding project funding and product sales and marketing.
SPP timetable
The proposed timetable for the SPP is set out below:
- Opening date: 7 June, 2017;
- Closing date: 23 June, 2017; and
- Quotation of new shares: 29 June, 2017.
The directors of the company will participate in the SPP.
Additionally, Walkabout has agreed to grant the underwriter a right to facilitate a placement of new shares to be issued at the same price as those under the SPP.