Lamboo Resources: Strong Demand Raises $4.2 million to Advance Flake Graphite Projects
February 11, 2014 (Source: Lamboo Resources) — The Directors of Lamboo Resources Limited (ASX:LMB) (“LMB or Company”) are pleased to announce that LMB has successfully completed a capital raising for the Company.
Lamboo has received oversubscriptions for the issue of 15 million shares at $0.28 to raise approximately $4.2 million , to sophisticated and institutional investors in accordance with the Company’s placement capacity and within ASX listing rules.
Managing Director Richard Trevillion commented “The level of demand for our capital raising has been extraordinary and in a difficult market an affirmative vindication of the strength of our flake graphite projects in Australia and South Korea.”
Funds have been earmarked to accelerate the resource growth at McIntosh Australia and to contribute to the steps necessary for its planned production late 2014/early 2015.
Lamboo has previously announced it is awaiting assays from drilling at the Guemam Project South Korea. Thick intercepts of flake graphite have been recorded with the capital raising providing Lamboo with the capacity to fast track the development of the Guemam Project.
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