08/01/2008 - 09:55

Gondwana raises $1.9m from rights issue

08/01/2008 - 09:55

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Subiaco-based mineral explorer Gondwana Resources Ltd has successfully placed a shortfall of shares and options to raise a total of $1.9 million from its December entitlement offer.

Subiaco-based mineral explorer Gondwana Resources Ltd has successfully placed a shortfall of shares and options to raise a total of $1.9 million from its December entitlement offer.

The company has placed a shortfall of about 82.4 million new shares and 41.2 million new options, to take its total securities subscribed in the offer to 187.7 million new shares, valued at 1 cent each, and 93.9 million new options, exercisable on or before June 30, 2010 at 1.2 cents each.

Gondwana intends to apply the funds raised from the offer towards exploration of the its mineral prospects, evaluation and acquisition of or farm-in to new tenements, evaluation of new overseas project(s), investment in an associated company, retirement of debt and general working capital.

 


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