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Australian-listed Metals of Africa aims to raise $2.46 million to fund its ongoing exploration activities for its wholly-owned Rio Mazoe project in Mozambique.

The East African focused exploration company is conducting a three-phase capital raising approach, that includes the placement of 7.5 million shares at $0.10 to raise $750 000, which has already been completed.

It also completed a rights issue and subsequent shortfall placement of 11.84 million shares at $0.10 to raise $1.184 million.

Thirdly, a prospectus for a loyalty option issue of 3 options for every 4 shares held to raise $532 800 will be issued soon.

The proceeds of the capital raising will be used to fund Metals of Africa’s ongoing exploration activities at its projects in Mozambique and its Tanga copper-gold project in Tanzania. The funds will also provide working capital for the company.

The company is committed to rapidly advance projects via low-cost and on the ground exploration.

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