Chatham Rock Phosphate (NZE:CRP) said it is proceeding with a non-brokered private placement of up to 5 million units at CA$0.07 apiece, according to a Wednesday filing with the New Zealand bourse.
The company is expected to raise up to CA$350,000 or NZ$430,000, which will be used to fund the permitting process for the Avenir Makatea onshore phosphate project in French Polynesia, among others.
Chatham Rock's shares were down 1% in recent Thursday trade.
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