Explorer and miner Gippsland says it has received firm commitments to raise $3.2 million via a share placement to help fund the development of its key project in Egypt.
Explorer and miner Gippsland says it has received firm commitments to raise $3.2 million via a share placement to help fund the development of its key project in Egypt.
In a statement to the Australian Securities Exchange Gippsland said institutional and sophisticated clients of Patersons Securities had committed to the placement of 80 million fully paid ordinary shares at 4 cents per share.
"The net proceeds of the capital raising will be used to continue the development of Gippsland's flagship asset, the 44.5 million tonne Abu Dabbab Tantalum-Tin-Feldspar Project, and for working capital," the statement said.
Gippsland expects the capital raising to be settled next week.
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