AKORA Resources (ASX:AKO) will raise AU$1.3 million via a share placement to existing and new investors, by issuing around 12.9 million new shares at an issue price of AU$0.10 per share, according to a Tuesday Australian bourse filing.
It expects to issue 7.9 million shares on or about Feb. 10 to existing and new investors as well as its management. It will then issue 3 million shares on or about Feb. 25.
Subsequently, it will issue 2 million shares to each member of its board, subject to shareholder approval at its general meeting, which is anticipated to occur in April.
It will use the proceeds to continue strategic investor discussions for the Bekisopa iron project in Madagascar, to progress key logistics arrangements, as well as for working capital.
The firm's shares fell past 3% on market close on Tuesday.
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