Hazelwood Resources (ASX:HAZ) will raise $1.1 million in interim financing for its ferrotungsten operation in Vietnam.
Firm commitments have been gained to raise the funds through the issue of 74.3 million fully paid ordinary shares at $0.015 per share.
A free attaching option for every 1 share subscribed for under the placement is also part of the placement.
Hazelwood is in discussions to repay its loan from Siderian Resource Capital by 28 February 2015 and is looking to make an announcement on funding in February 2015.
The placement has been undertaken to repay amounts owing to trade creditors and for the company’s general working capital purposes.
Siderian and Hazelwood have agreed to amend a key milestone to raise a minimum of $6,000,000.
