Lamboo Resources Limited: Capital Raising to Advance Project Portfolio
August 13, 2013 (Source: Lamboo Resources Limited) — Lamboo Resources Limited (ASX:LMB) today announced it is seeking to raise just over $1 million by way of placement of approximately 17 million ordinary shares at $0.06 along with one free option for every two shares acquired. The options will be unlisted and exercisable at $0.30 on or before 15 August 2015. The funds will be used for ongoing development and commercialisation of the Company’s portfolio of advanced flake graphite projects.
Lamboo’s CEO Richard Trevillion said the level of interest received to date has been encouraging given the current challenging market environment. “The outlook for quality near market flake graphite is strong and the funds will enable the Company to continue to progress its portfolio of projects towards commercialisation.”
LMB holds flake graphite development projects in Western Australia and in South Korea.
The shares will be issued within a week of commitments being finalised with the issue of the free options being subject to the receipt of shareholder approval at a meeting of shareholders that will be held shortly. Further details will be provided in the meeting material to be circulated to shareholders.
The anticipated placement at 6 cents per share is at just under a 20% premium to the 15 day trading VW AP of Lamboo’s shares up to 9 August.
Use of Funds
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Current activities for which the funds raised will be used include:-
- Development and confirmatory drilling on the company’s projects in Australia and Korea
- On-going working capital
The capital raising is being undertaken with the assistance of Novus Capital Partners Limited.
For and on behalf of the Board
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