21/04/2010 - 15:20

Doray raises $4m for gold project

21/04/2010 - 15:20

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Recently-listed Doray Minerals has raised $4 million that will fund further exploration at its Andy Well gold prospect in the northern Murchison region of Western Australia.

Recently-listed Doray Minerals has raised $4 million that will fund further exploration at its Andy Well gold prospect in the northern Murchison region of Western Australia.

The company said in a statement that it will issue 6.67 million shares at a discounted 60 cents each to raise the funds, which will lift its cash reserves to $7.6 million.

Shaw Corporate Finance was lead manager to the placement.

Doray managing director Allan Kelly said the funds will be used for a second drilling program at Andy Well scheduled to start next month, pending relevant approvals.

"Our aim is to define a maiden JORC-compliant resource at Andy Well within 12 months" said Mr Kelly.

Shares in Doray closed up 5.5 cents to 71.5c today.

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