Southern Titanium is looking to raise $3.5 million to fund the next stage in development of its Mudarrie Project. The project will produce rutile and zircon.
The funding will be used to move development to the commitment stage and completion of the feasibility study over the next 3 months. Funds raised will also be used for debt funding arrangements and documentation, rutile sales contract arrangements and the procurement of long lead time capital equipment.
Southern Titanium have made available 9.26million shares at $0.27 each to Australian stock broking firms, and an additional 3.7million shares to overseas firms, subject to shareholder approval in April.