Gold miner Troy raises $12m

Melbourne-based gold miner Troy Resources NL, which has producing mines in Western Australia and Brazil, has completed a $12 million share placement.

Troy Resources NL is pleased to announce the completion of a placement of 3.9 million ordinary shares in the Company at an issue price of $3.10 per share with institutional investors in Australia and offshore to raise approximately $12 million.

The placement was arranged by the Company and transacted by Bell Potter Securities Limited.

The proceeds of the placement will be used for ongoing working capital of the Company.

The full text of a company announcement is pasted below

Troy Resources NL ("Troy") is pleased to announce the completion of a placement of 3.9 million ordinary shares in the Company at an issue price of $3.10 per share with institutional investors in Australia and offshore to raise approximately $12 million. The placement was arranged by the Company and transacted by Bell Potter Securities Limited.
The proceeds of the placement will be used for ongoing working capital of the Company.