Armadale raises cash for Tanzania project

Aim-listed Armadale Capital has raised £825 000 through the placing of 41.25-million shares at 2p apiece with new and existing investors.   The proceeds would support the development of the Mahenge Liandu graphite project, in southeast Tanzania, which the company is in the process of acquiring.   “Having identified high-grade graphite mineralisation at the Liandu project in Tanzania, we are focussed on implementing a fast-paced development programme and are targeting the delivery of a maiden resource estimation later this year,” chairperson Peter Marks said.