Walkabout Resources Ltd (ASX:WKT) (FRA:N6D) has reached its minimum subscription condition and has had sufficient subscriptions to date to provide the US$4 million, Stage 2 companion equity to the Lindi Jumbo Graphite Project in Tanzania.
Negotiations are also on track to announce the final Stage 3 companion equity before the end of June.
In further funding progress and tied with the companion equity, the company launched a 1 for 10 non-renounceable rights issue for shareholders to subscribe for new ordinary shares at 20 cents per share in May.
It has now extended the closing date for the current entitlement offer to July 5, 2021, to allow sufficient time for shareholders to take up their rights in light of this additional information.
“Delighted with uptake of shareholders rights”
Walkabout Resources chief executive officer Andrew Cunningham said: “We are delighted that the uptake of shareholders rights to date has allowed us to reach the US$4 million milestone a week before the closing date.
“Due to requests by eligible shareholders and in the light of the imminent closure of the Stage 3 equity raising we have decided to extend the closing date of the rights issue by a further six business days until July 5, 2021.
“We thank the participating shareholders with their significant contribution to date.”