MZI Resources (ASX:MZI) has raised $133,635 through an issue of 132,541,510 new non‐renounceable unlisted options for general working capital purposes.
The company said it reserves the right to place the resulting shortfall of 403,443,657 options priced at $0.001 each to raise $403,444.
The options have an exercise price of $0.02 and expire on 30 June 2015.
Proceeds will also be used to pay down amounts owing to Resource Capital Fund VI under various bridge finance facilities.
MZI had recently received advice from the Foreign Investment Review Board that it has no objections to the US$42.5 million funding package from RCF for its Keysbrook mineral sands project in Western Australia.
This follows MZI shareholder approval for the funding package on 27 June.
The company is fully funded for development and construction of the project with first production expected 52 weeks from a decision to proceed with the project.
Keysbrook Mineral Sands Project
The Keysbrook Project located approximately 70 kilometres south of Perth, is characterised by its high leucoxene content, and once in operation will be one of the world’s largest producers of the premium Leucoxene 88 product.
It will produce an average 91,000 tonnes per annum of mineral sands products from 110,000 tonnes of dry heavy mineral concentrate.
This will be trucked about 120 kilometres to Doral’s mineral separation plant, which is just 10 kilometres from the Bunbury Port, for toll treatment.
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