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EcoGraf Launches AU$2 Million Underwritten Share Purchase Plan; Shares Fall 9%

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EcoGraf (ASX:EGR) has launched an underwritten share purchase plan targeting around AU$2 million, allowing eligible shareholders to purchase AU$2,000 to AU$30,000 worth of new shares at a 20% discount to the five-day volume-weighted average price, according to a Thursday Australian bourse filing.

The proceeds will be used to advance Epanko Project's debt financing, strategic equity and offtake processes, integrated development and expansion studies, gold exploration in Tanzania, and general corporate and working capital requirements, the filing added.

The company's shares fell 9% in recent Thursday trade.

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