14/02/2013 - 14:14

Cleveland raises $7m for Brazilian gold projects

14/02/2013 - 14:14

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Cleveland raises $7m for Brazilian gold projects

Cleveland Mining has secured $7 million in fresh funding to advance exploration and sampling programs at its Premier and Mara Rosa gold projects in central Brazil.

The company today announced it had received firm commitments from investors to raise the funds through a $5.5 million placement and a $1.5 million share purchase plan.

Both the placement and purchase plan were priced at 25 cents per share, and lead managed by DJ Carmichael.

“With these funds, we can accelerate our exploration programs while we ramp up the mine at Premier,” managing director David Mendalawitz said.

“We are pleased to have received the backing and support of several large financial institutions and family offices that can support our company’s growth both now and into the future.”

At close of trade today, Cleveland Mining shares were down 11.3 per cent, trading at 27.5 cents. 

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