Company
ASX:WKT
Normal 0 false false false EN-AU X-NONE X-NONE MicrosoftInternetExplorer4 Walkabout Resources Ltd (ASX:WKT) is focused on the construction of its high-grade, high-margin Lindi Jumbo graphite project, based in Tanzania.
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The fresh equity will unlock a key funding package and support Walkabout as it works to move its flagship Tanzanian graphite project into production.
The total US$12 million companion equity required to access the US$20 million project loan funding from CRDB Bank has been secured and construction of the Lindi Jumbo Project is fully funded to production.
The total US$12 million companion equity required to access the US$20 million project loan funding from CRDB Bank has been secured and the construction of the Lindi Jumbo Project is fully funded to production.
The company has also extended the closing date of its entitlement offer to July 5, 2021, to allow sufficient time for shareholders to take up their rights in light of this additional information.
Combined, the company has an exploration potential range of 72 to 172 million tonnes at a grade of 8-15% TGC, excluding the current JORC mineral resource at the Gilbert Arc deposit of 41.8 million tonnes at 10.8% TGC.
The Lindi Jumbo Project and acceptance into ERMA further aligns the company’s strategy to become a globally significant source of responsibly sourced natural graphite.
The company received firm commitments led by institutional investors in Australia in Stage 1 of its Companion Equity process.
The company has made changes to the board and senior management as part of its strategy to position itself for the next phase of development and operations at its Lindi Jumbo Graphite Project in Tanzania.
The company has secured debt funding for its Tanzanian graphite project and is restructuring to best position itself for the next phase of development.
The total cost of the project is estimated to be around US$32 million, and the debt facility will meet 62.5% of the project cost.
After financing is finalised there is a very short development timeframe for the Lindi Jumbo Graphite Project in Tanzania.
After financing is finalised there is a very short development timeframe for the Lindi Jumbo Graphite Project in Tanzania.
While the facility term sheet has several conditions precedent before it becomes binding, the company notes that this term sheet has already received initial bank approval.
Seven high-priority gold anomalies coincident with structures and geological contacts have been flagged for immediate follow-up and additional artisanal diggings for alluvial gold have been identified up to 10 kilometres outside of historic
The company is also focused on the exploration and development of its highly prospective suite of base metal and gold tenements in Scotland and Northern Ireland.
“Trevor’s contribution to funding the company and the project has been significant and the board thanks him for his efforts,” says chairman Allan Mulligan.
Earlier this month, Walkabout secured exploration tenure over a highly prospective, underexplored gold region in southwest Tanzania.
The company will continue to advance the Scottish prospects into what it believes could be valuable exploration projects in their own right.
Walkabout considers this project to be a valuable addition to its diverse mineral exploration portfolio in Africa and the UK.
The company is focused on meeting loan security requirements to progress negotiations with an African development bank.
