Source: Mining Capital

Walkabout Resources: Walkabout Resources in trading halt with capital raising announcement pending

Walkabout Resources Ltd (ASX:WKT) has been granted a trading halt by the ASX with an announcement pending in regard to a proposed capital raising. The halt will remain in place until the beginning of regular trade on Thursday, May 6, or when an announcement is released to the market, whichever occurs earliest. Shares last traded at 32.5 cents and the company's market cap is approximately $113.5 million. Since closing at 18 cents on April 8, shares have risen up to 38 cents, a new high of almost two years. Board and senior management changes Recently the company has made changes to the board and senior management as part of its strategy to position itself for the next phase of development and operations at its Lindi Jumbo Graphite Project in Tanzania after recently securing debt funding. Allan Mulligan will step down from the board and assume a new role of chief operating officer primarily charged with delivery of the Lindi Jumbo project. Walkabout believes the safe, on-time and within budget delivery of mine construction is a corporate priority and that the company needs a dedicated chief operating officer with deep African Mining experience. The board is delighted that Mulligan has chosen to focus on this vital, direct role at a time when execution is paramount. Andrew Cunningham has been appointed chief executive, having been intimately involved with the Lindi Jumbo project since its inception.

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Allan Mulligan's photo - Managing Director of Walkabout Resources

Managing Director

Allan Mulligan

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