Kogi Iron Ltd. said Oct. 10 that it has secured funding of up to US$5.8 million for the ongoing development of its Agbaja iron ore mine and integrated steel project in Nigeria.
Under the private placement agreement, New York-based institutional investor Bergen Global Opportunity Fund LP will subscribe for Kogi shares, on a monthly basis, for US$50,000-per-month tranches.
The tranche amount may be increased to US$250,000 by mutual consent.
Kogi expects the first tranche of funding in the week starting Oct. 17.
Following completion of a feasibility study in July, Kogi said it wants to move quickly to realize the project's economic potential.