Energia bags USD 8 million for zinc project
Time:Tue, 26 Aug 2014 09:29:23 +0800
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The West Australian reported that shares in Perth explorer Energia received a small kick this morning after it announced an USD 8 million funding package with Perth brokers Euroz to help the development of its zinc project in Italy.
Kim Robinson led Energia, formerly a uranium explorer, shifted its focus to the Gorno Zinc project near Bergamo in northern Italy on the back of the recent jump in the zinc price.
The metal has jumped from about USD 1900 per tonne at the start of the year to USD 2352 per tonne. The proposed funding package consists of USD 6 million share placement at 2.5 cents per share to Euroz clients and USD 2 million issue, underwritten by Euroz, at the same price dependent on shareholder approval.
Energia also announced USD 125,000 loan and a potential capital injection from former Sphere Minerals chief Alexander Burns. Sphere was taken over by Xstrata for USD 514 million in November 2010.
