Magnis Resources Limited
(ASX:MNS) has raised $6.5 million to advance the Nachu graphite project in Tanzania.
The graphite producer says the placement received strong support from sophisticated and institutional investors with 26 million shares offered at $0.25 per share.
The funds will be put towards completing environmental study work and pre-engineering works to fast-track Nachu into production.
Chairman Frank Poullas says the strong interest is encouraging and the team is focussed on bringing Nachu into production in the second half of 2016.
