Syndicated Metals has completed a $2.85 million capital raising to fund exploration and evaluation of its copper-gold project portfolio near Mt Isa in northern Queensland.
Syndicated announced today that it had secured the support of sophisticated and institutional investors to raise the funds, by way of placement priced at 7 cents per share.
The placement will be undertaken in two tranches and was manageed by Sydney-based Blue Ocean Equities.
Syndicated managing director Andrew Munckton said the board was pleased with the support received for the raising.
"The funds raised will enable us to continue with an aggressive and focused exploration and development program for out Mt Isa copper-gold assets," Mr Munckton said.
"We are looking forward to applying the funds raised to what we believe is an exciting opportunity for significant future discovery and mine developments in and around Mt Isa."
Syndicated shares last traded at 8.9 cents.