Walkabout Resources Ltd (ASX:WKT) non-executive director Michael Elliot has shown faith in the company’s energy minerals strategy with an on-market purchase of shares.
On June 30, Elliot acquired 100,000 shares with a value of $20,000 in an indirect interest, boosting his holding in that interest to 5.9 million shares.
He also holds a further 8.5 million shares split between one direct and two indirect interests.
Final stage-3 companion equity funding
The company recently finalised the third of its three-stage companion equity fundraising process with Battery Metals Capital Group LLC (BMCG) for the Lindi Jumbo Graphite Project in Tanzania.
The total US$12 million companion equity required to access the US$20 million project loan funding from CRDB Bank in Tanzania has been secured and construction of the Lindi Jumbo Graphite Project is fully funded to production.
The emerging graphite producer has agreed to a placement of ordinary shares of up to US$10 million with the US-based institutional investor, which provides risk cover for the start-up of Lindi Jumbo mine.
Chief executive officer Andrew Cunningham said: “The confidence demonstrated by BMCG in the Lindi Jumbo Graphite Project and in management reflects the underlying quality of the project.
“Sufficient subscriptions have been received under the current Entitlement Offer for the Stage 2 US$4 million payment to be made to Tanzania next month.
“This is a very exciting time for Walkabout Resources.”