Catalpa raises $3.5m in rights issue

Perth-based Catalpa Resources has raised $3.5 million in a renounceable rights issue despite difficult market conditions.

The emerging gold producer will use the funds to continue the company's ongoing drilling programmes and to provide for working capital to further expand and enhance its Edna May Gold Project, located 300 kilometres east of Perth.

Catalpa's managing director, Bruce McFadzean is delighted to have a very strong and supportive shareholder base enabling the company to pursue its objectives.