"After a busy 12 months of due diligence and gaining government...

"After a busy 12 months of due diligence and gaining government approvals, Myanmar (ASX:MYL) will be going to shareholders over the next few weeks to raise another $16 million so it can exercise an option to gain control of an old base metals mine in Myanmar.
Myanmar believes the “Bawdwin” project — located north-west of Mandalay near the Chinese border — has the potential to emerge as a significant base metals producer.
Myanmar needs $35 million in total, although a large chunk of that — $19.1 million — is coming from two shareholders, leaving just the balance of $16 million to be funded through the sharemarket.
Optimism about the company’s prospects helped to push the shares ahead a handy 8 per cent to 6.7c Monday. The company wants to issue more shares at a minimum of 6c.
Bawdwin will primarily produce lead, zinc and silver but some copper, nickel and cobalt will also be produced.
The mine was a large producer under the British, when the country — then known as Burma — was part of the British Empire. But the mine was destroyed in World War 2, with only erratic production since."