Zanaga Iron Ore Company (LSE:ZIOC) has raised £5.6m (approximately US$7.6m) through a placing and subscription and a further £91,818 via a Retail Offer, issuing new shares at an Issue Price of 4p per share.
The placing and subscription comprised 140m new shares and the Retail Offer issued 2.3m new shares, giving aggregate gross proceeds of £5.7m before expenses.
The company said the raise provides additional working capital headroom and second to accelerate various workstreams in relation to the Zanaga Project.
"We are extremely pleased with the strong level of investor demand for the placing, which was materially oversubscribed," Chairman Clifford Elphick said.
