Abra raises $1.3m through placement

West Perth-based minerals explorer Abra Mining Ltd has raised $1.3 million through a placement to Excel Energy Investments to be used for further diamond drilling of its Abra deposit, north of Meekatharra, the company has announced.

The full text of a company amnnouncement is pasted below

The Company advises that, following agreement reached on 26 October 2007 it has placed 4,332,500 fully paid ordinary shares with Excel Energy Investments Limited at $0.30 per share to raise $1,299,750.

These funds were raised pursuant to the excluded offer provisions (Section 708) of the Corporations Act 2001.

The funds raised from the placement will be used for further diamond drilling of the Abra deposit, which is part of the Mulgul Project, and for working capital.

The shares issued will rank equally in all respects with the existing issued ordinary shares. The funds have been received and an application for quotation of the new shares has been made. No director or their associates have participated in the placement issue.