DOMINION Mining has raised $8 million to go towards a deep drilling program designed to increase the life of its Challenger Mine.
The company also plans to undertake exploration programs in the Gawler and South West Yilgarn in early 2005.
The $8 million raising was split $3.6 million through a placement to institutional and professional investors and a $4.4 million underwritten rights issue.
The oversubscribed placement of 10.l million shares at 36 cents a share was managed by Melbourne Capital in conjunction with broking firm Findlay and Co.
Dominion will lodge a prospectus with the Australian Securities and Investments Commission for the rights issue that will also be arranged through Findlay & Co stockbrokers on a one for seven basis on a price of 36 cents a share.
The company is on target to complete full-scale underground production at Challenger in early 2005.