MZI Resources secures Argonaut Capital to underwrite $3M SPP
MZI Resources (ASX: MZI) has received a vote of confidence in its
Keysbrook mineral sands project in Western
Australia with investment house Argonaut Capital
Limited agreeing to underwrite its $3 million share purchase plan.
The underwriting agreement follows on highly regarded resources private equity fund Resource Capital Fund (RCF) taking up a 12% stake in the company through a $3 million share placement.
MZI chief executive officer Trevor Matthews said the company was delighted to secure Argonaut’s support.
The underwriting agreement includes a minimum subscription by Argonaut or its nominees of $500,000, which Matthews said would ensure the company received the full $3 million from the SPP.
MZI has been progressing development of the Keysbrook project in recent months.
It had in mid-June executed the key Port Services Agreement with the Bunbury Port Authority in Western Australia that provides sufficient capacity to export all products that will be produced from its Keysbrook mineral sands project.
It had in April signed a crucial sales agreement with DuPont Titanium Technologies that covered all of the leucoxene 70% titanium dioxide production and had also reached a mineral sands toll treatment deal with Doral.
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