Metals of Africa (ASX:MTA) has received a notice of initial...

Metals of Africa (ASX:MTA) has received a notice of initial substantial shareholding from Jason Peterson, who holds a 5.76% interest in the company.

Peterson and his associated interests had acquired 4,404,605 shares between 18 July 2014 and 8 October 2014 for a total of $634,690.80 in four tranches.

He now holds a total of 7,454,605 shares in the company.

The company has raised $5 million through a fully underwritten rights issue priced at $0.15 and placement to fund geophysical programs and upcoming drilling programs at the Rio Mazoe base metal and Montepuez graphite projects.

Earlier this month, the company extended due diligence on the Balama Central Project in the world class Cabo Delgado Graphite Province in Mozambique by six weeks to allow the flying airborne electromagnetic (VTEM) survey.

Balama Central is located along strike and immediately adjacent to the Balama Graphite Project – the world’s largest graphite resource of 1.15 billion tonnes at 10.2% total graphitic content.

It is also in the final stages of preparing for drilling to commence at Rio Mazoe this month.