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Hexagon Resources raising A$7M for McIntosh graphite project

Hexagon Resources Ltd. said June 12 that it received binding commitments for a A$7 million fundraising from Australian and international institutional investors.

The funds will mainly be used for establishing a pilot refining facility at its McIntosh graphite project in Western Australia and for marketing graphite materials derived from the project.

Shares will be issued at 19 Australian cents each, which is near the last closing price, and subscribers include substantial shareholder Tribeca Global Resources Fund as well as Mineral Resources Ltd. as a new shareholder.

Hexagon added that the placing was 40% oversubscribed, and Tribeca is increasing its stake in the group to 10.4%.