Nzuri Copper Limited (ASX:NZC) announced a private placement of 12,000,000 shares at a price of AUD 0.255 per share for gross proceeds of AUD 3,060,000 and convertible loan for gross proceeds of AUD 2,930,000 for aggregate gross proceeds of AUD 5,990,000 on May 30, 2018. The transaction will include participation from existing investors Huayou International Mining (Hong Kong) Limited for AUD 885,791 to acquire 14.76% stake in the company, Tembo Capital Management Ltd for AUD 2,930,000 to acquire 48.89% stake in the company, and other institutional investors. The loan is convertible into 11,500,000 common shares of the company.