LONDON (ShareCast) - (ShareCast News) - Investment company Kennedy Ventures raised £3.75m through a placing of 62.5 million new ordinary shares at 6p per share, it announced on Thursday.
The AIM-traded firm, which has in interest in the Namibia Tantalite Investments mine in Namibia through its stake in African Tantalum, said the net proceeds of the placing would be used for upgrades and for an expansion of the mine to meet "increasing demand" for tantalum products.

Its board said expansion of the mine would support the multi-year supply agreement recently signed with an unnamed North American tantalum consumer, and end users of the company's tantalum ore.

"I am very pleased with the support we have received from our existing and new shareholders which will allow African Tantalum to accelerate plans to increase production as well as increase our tantalum resource and life of mine," said Kennedy Ventures CEO Larry Johnson.

"Namibia Tantalite Investments is one of the highest grade mines in the world and following upgrades in first half of 2017 we are now capable of meeting the customer's grade specifications.

"The fund raise will enable African Tantalum to implement further plant upgrades with the expectation of ramping up to 30 tonnes per quarter and beyond long term," Johnson added.

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