Mar 24, Perth: Bora Bora Resources Limited, an Australian graphite exploration company, focused on the Matale Graphite Project in Sri Lanka has raised Aus$ 840,000 for graphite exploration in the island.
The Perth-based graphite explorer said in a disclosure to Australian Security Exchange that the shares were placed to an institutional alternative asset manager and the placement also included a 1-for-3 free attaching unlisted option, exercisable at $0.40 anytime up until 31st March 2017.
The funds raised under the placement will be applied towards further exploration work at the Company's Sri Lankan assets including the Matale Graphite Project and for working capital purposes.
Chris Cowan, the Executive Director of Bora Bora Resources said the placement to investors, including a leading global institutional alternative asset management firm, demonstrates strong support for the potential of the company's Sri Lankan exploration assets and the overall sector.
BBR has acquired a 75% interest in the Matale Graphite Project near Kandy in Sri Lanka, through a deal with Plumbago Mining Pty Ltd announced in 2012.
Sri Lanka has a longstanding reputation for its high quality crystalline vein graphite with purity levels ranging from 80-99% of carbon.