Graphite play Walkabout Resources is on the hunt for some fresh...

Graphite play Walkabout Resources is on the hunt for some fresh equity to ramp up development activities at its flagship mining project in Tanzania.Walkabout Resources launched a placement on Tuesday. Jim RiceThe company had brokers Aitken Murray Capital Partners and Foster Stockbroking in the market with a $20 million placement on Tuesday.News shares in the deal were being offered to funds for 26¢ each, which represented a 20 per cent discount to Walkabout’s last close and a 23.5 per cent discount to the 10-day VWAP, according to terms sent to funds.Potential investors were told money raised would be used for further development at Walkabout’s Lindi Jumbo graphite project in Africa, “including fulfilling the minimum equity requirement to facilitate the debt drawdown conditions for project construction”.The fresh equity would also go towards general working capital.Walkabout has taken the Lindi project from discovery in late 2015 to completing a definitive feasibility study in February 2017, which was updated later than year and again in 2019.Bids into the offer were being called for by 3pm on Wednesday.Walkabout taps Aitken Murray, Fosters for placement.