Armadale Capital has announced a strategic financing raising of £500,000 for the company at 1.80 p per share.
Significantly this strategic financing is intended to provide the company with sufficient working capital to progress its 100% owned Mahenge Liandu graphite project in Tanzania through completion of the DFS and to bring the project to the point of project level construction financing.
Nick Johansen, Director of Armadale says: “We are delighted to have completed this strategic financing at a premium to the market price and a 64% premium to the last financing undertaken by the company in March 2019.
"We are thankful to all current shareholders, and those who invested in the strategic financing, for their support and engagement with Armadale .
“Armadale is now moving at pace to complete the Mahenge Liandu DFS and associated work streams and as previously stated we are focusing more definitively on our commercialisation plans, especially off-take and project level finance agreements, to ensure the transition from explorer to emerging producer continues to gain momentum.