Ann: Trading Halt, page-62

AVZ Minerals seeks $35m to increase stake in project
Sarah Thompson, Anthony Macdonald and Yolanda Redrup
Jun 30, 2021 – 10.36am
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ASX-listed African mining play AVZ Minerals is in the market with a $35 million equity raising, with proceeds to increase its share of the Manono Lithium and Tin Project in the Democratic Republic of Congo.
The company’s shares went into a trading halt on Wednesday morning as its broker, Curran & Co, started lining up support.

Street Talk. Louise Kennerley
The raising was split into a $30 million non-underwritten placement to institutional and sophisticated investors and a share purchase plan to raise up to another $5 million from existing shareholders.
New shares were offered at 13¢ each, according to terms sent to potential investors.
The stock last traded at 16¢.


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The bulk of the proceeds would be used to increase AVZ’s stake in the Manono project to 75 per cent, from 60 per cent, and to complete the Manono camp.
The company had a $465 million market capitalisation prior to Wednesday’s raising.
The raising comes as AVZ seeks to start mining at Manono. The group recently submitted an application for a mining licence, and has plans for a 20-plus year mine at a throughput of 4.5 million tonnes a year.