Walkabout Resources (ASX:WKT) has closed its $6.7 million 1:3 renounceable rights issue oversubscribed after a strong response from shareholders.
The rights issue gave shareholders the opportunity to take up new shares priced at $0.10 with a 1:4 attaching option.
Applications were received for $6.9 million worth of shares and the company is now scaling back the offer to its $6.7 million maximum as required.
READ: Walkabout Resources expands lithium exploration footprint in Namibia
Walkabout is fast-tracking the development of its 70% owned high-grade Lindi Jumbo Graphite Project in Tanzania.
In addition to Lindi, Walkabout is also exploring for lithium in southern Namibia at the Eureka Lithium Project.
Positively, shares have recently been trading at a premium to the rights issue price, closing last Friday at $0.13.