Africa-focused mine investor Armadale Capital said it was in a 'robust position' to continue a shift from explorer to emerging producer following financing moves announced in September and October.

In September, the company raised £0.5m from a share issue and in October it announced a convertible loan note for £0.4m and renegotiated drawdown facilities of up to £0.3m.

In a further explanation for why it needed the funding, Armadale said it had multiple fully-funded work streams underway that would deliver a regular flow of news to the market over the coming weeks and months.

The company said its initial focus was completing a definitive feasibility study for the Mahenge Liandu graphite project in Tanzania.

'However, Armadale is also preparing for the steps after the study completion to accelerate the project into production,' it added.

At 1:09pm: (LON:ACP) Armadale Capital PLC share price was -0.05p at 2.65p