- Africa-focused mining project Armadale Capital said it had secured a further a further £0.7m of financing, providing flexibility pending delivery of feasibility study for the Mahenge Liandu graphite project in Tanzania.

The package included a new convertible loan note of £0.4m secured with clients of joint broker SI Capital.

Two new drawdown facilities had also been secured. providing additional working capital of up to £0.3m, should the company wish to access further capital for accelerated project development.

'The company's principle investment, the Mahenge Liandu graphite project, is entering a key stage as we move from explorer to emerging producer,' director Nick Johansen said.

'As such and recognising the advanced status of the project, it is important to ensure the company has access to a balanced portfolio of working capital.'

At 2:38pm: [LON:ACP] Armadale Capital PLC share price was +0.15p at 2.75p

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