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Dragon secures

$12 million

DRAGON Mining has completed a $12 million fundraising by placing 39 million shares with Australian and overseas investments funds and private investors.

The shares were placed at a price of 30.5 cents jointly by Royal Bank of Canada and Macquarie Equity Capital Markets.

The company plans to use the funds to finance its $13.6 million exploration and development plans for 2004 and to retire $5 million debt associated with its acquisition of the Outokumpu Oyj’s precious metals asset last year.

Besides the placement, other funds will come from cashflows Dragon reaped from its Orivesi mine in Finland up until December 31 and treasury funds.

The exploration and development budget is in addition to the development costs for the Swedish Svartliden Mine which are being met through a $US12.25 million project finance facility.

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