Business
Placing to raise £2.0 million
Placing to raise £2.0 million.
About this update from Kazera Global Plc
[{"type":"text","content":"\n \nRNS Number : 6641E Kennedy Ventures PLC 20 July 2016 \n\n20 July 2016 \n \nKennedy Ventures plc \n(\"Kennedy Ventures\" or \"the Company\")\nPlacing to raise £2.0 million \n \nHIGHLIGHTS\n· Conditional placing to raise £2.0 million before expenses (the \"Placing\") through the issue of 66,666,665 new ordinary shares of 1p each (\"Ordinary Shares\") at a price of 3p per share (the \"Issue Price\")\n· Net proceeds of the Placing will be used by African Tantalum (Pty) Limited (\"Aftan\"), Kennedy Ventures' investee company, to upgrade and expand Aftan's current plant at Tantalite Valley Mine (\"TVM\") and open up the Lepidolite orebody where, due to the association of lepidolite (lithium-rich mica) with the tantalite, lithium potential exists (\"the Programme\"). The Programme is designed to:\no Improve overall tantalite recovery rates through the installation of a new fines recovery plant\no Increase targeted throughput to 15,000 tonnes per month and increase production to 15 tonnes of tantalite concentrate per month with improved ore sourcing and grades\n· The Board believes the raise will see TVM to a position of positive operational cash flows within the first ...