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Alkane moves

CHANGES are under way at Perth-based gold and base metals miner and explorer, Alkane Exploration Ltd, with the company planning to raise $5.2 million, and the appointment of John Dunlop as non-executive chairman. The capital raising will comprise a placement of 24.9 million shares and an entitlements issue. The 15 cents per share placement with Abbotsleigh Ltd, a company associated with Melbourne-basd Gandel Metals Ltd, is aimed at funding feasibility studies of Alkane’s Wyoming prospect in its Tomingley gold project and further development work at the company’s Dubbo Zirconia project. The company will also offer shareholders a non-renouncable entitlement of one share for every 20 held at an issue price of 15 cents, to raise up to $1.4 million through the sale of up to 9.5 million shares, with the offer being fully underwritten by Gandel. Mr Dunlop, the former general manager of operations of Aztec Mining Co Ltd, also serves as chairman of Melbourne-based Alliance Resources Ltd and is a board member of the Australasian Institute of Mining and Metallurgy, the Mineral Industry Consultants Association, and the Chartered Professional Registration Board. He replaces Ian Cornelius, who will remain as a non-executive director.

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