Sydney, May 19, 2006 AEST (ABN Newswire) - Olympia Resources Ltd (ASX: OLY) is pleased to announce the placement of 15,670,000 new fully paid ordinary shares at $0.20 per share to raise $3.134 million before costs. The placement was managed by BurnVoir Corporate Finance.
Funds raised under the placement will be utilised in the development of the Keysbrook Mineral Sands and Harts Range Garnet projects, drilling & exploration, capital expenditure and working capital.
These shares have been placed with institutional and sophisticated investors. Olympia Resources was particularly pleased with the level of demand from institutional investors. Settlement and allotment will occur today and once issued, the shares will rank pari passu with existing ordinary shares on issue.
An Appendix 3B relating to this placement will be lodged with the ASX in due course.
For further information about Olympia Resources, please visit:
www.olympiaresources.com
About MZI Resources Ltd
MZI Resources Ltd (ASX:MZI) is a mineral sands company focused on the high value minerals of zircon, rutile and leucoxene based in Perth, Western Australia. Its flagship operating asset is the Keysbrook Mineral Sands Project, located 70km south of Perth. At the Keysbrook mine, mineral sands are mined and processed to produce heavy mineral concentrate (HMC) which is processed into final products under a toll treating arrangement with Doral Mineral Sands Pty Ltd at the Picton Mineral Separation Plant (MSP) near Bunbury.
The Keysbrook mine hosts a world-class zircon / leucoxene ore body with total Ore Reserves equivalent to over 15 years of production at design output rates, and total Mineral Resources equivalent to over 30 years of production. Production commenced in late 2015, making the Keysbrook Project Australia’s first – and the world’s largest - primary producer of high value leucoxene.
| ||
|
