(Alliance News) - Katoro Gold PLC on Wednesday said it has raised GBP100,000 in gross proceeds to advance the Haneti project in Tanzania and for general working capital requirements.
The exploration company has issued 10 million new ordinary shares at 1.0 pence per share via share placing and subscription agreement with new and existing shareholders. Kibo Energy PLC, the company's majority shareholder, has participated in the fundraise for GBP18,000 and will be issued with 1.8 million Katoro shares
Katoro Gold shares were up 7.8% at 0.97p each on Wednesday afternoon.
At Haneti project, the company is targeting a nickel sulphide deposit and the maiden drill programme will be targeting sulphide mineralisation. The project is currently 75% owned by Katoro, with 25% held by Power Metal Resources PLC, who also has a right to increase its holding in the project to 35% by a payment of GBP25,000 cash to Katoro.
By Tapan Panchal; tapanpanchal@alliancenews.com
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