The company issued 23.1 million shares at a price of $0.135 each to a combination of existing investors, retail investors and funds.
Kibaran Resources executive director Andrew Spinks said: "The strong demand highlights that investor interest remains strong for quality resources and is recognition of Kibaran’s advanced technical progress, binding off-take agreement and the exceptional investment value the company represents."
"The broadening of the company’s shareholder base with several new institutional investors is a positive development and provides a solid foundation for the company to grow."
The proceeds will be used to for a diamond drilling program, metallurgical and pilot plant test work, feasibility studies and application for a mining licence at Epanko.
The company said it is continuing talks with Richland Resources and the State Mining (STAMICO) consolidate Merelani-Arusha graphite project with the Richland Groups graphite assets in the region.
