Graphex Mining has tapped investors for $2.6 million as it moves ahead with development of its Chilalo graphite project in Tanzania, amid legislative changes to how the country's government receives mining royalties.

Perth-based Graphex raised the funds through the placement of about 12 million shares to professional and sophisticated investors at 22 cents a share.

The proceeds will be used to fund ongoing work at Chilalo, including finalisation of finance and offtake agreements.

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