Hexagon Resources Ltd raises $1.35M for graphite project development in Kimberley

Written on the 9 March 2016

Hexagon Resources Ltd (ASX:HXG) has closed a $1.358 million capital raising at $0.08 each with new and existing institutional funds, and sophisticated / professional investors for the company's McIntosh graphite project in Western Australia.

Funds raised from the placement will be used to fund final stage environmental and hydrogeological studies, further engineering and process design and commencement of a feasibility study for McIntosh plus ongoing working capital.

After a resource upgrade, McIntosh has Australia's largest flake graphite project by contained tonnes with a resource of 17.2 million tonnes at 4.63%TGC.

McIntosh is located in the Kimberley region of Western Australia. Hexagon plans to progress the through feasibility study given the strong metallurgical results.

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Source: Proactiveinvestors.com.au

Image: McIntosh project Hexagonresources.com