Gold and Copper exploration company Geopacific Resources has achieved a $5 million share placement primarily to fund activities in Cambodia.
The placement of nearly 92 million shares at $0.055 will be used for exploration in its Kou Sa project and to supplement working capital.
It follows an announcement in late June of high-grade copper found in one of the company’s key exploration targets at Kou Sa.
Managing director Ron Heeks said the company was pleased it had completed the raising in the current climate.
“This is a difficult market so to get this level of support for the company from investors is outstanding,” he said.
“Geopacific will now look forward to a busy season of exploration as we move towards an initial JORC resource at our Kou Sa project.”
Business News reported earlier this year that Milan Jerkovic had been appointed a director at Geopacific.
