09/12/2005 - 08:14

Gryphon Minerals announces private placement

09/12/2005 - 08:14

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Perth-based Gryphon Minerals Ltd has announced a private placement to raise $500,000 to be used in funding exploration at its Banfora gold project in West Africa.

Perth-based Gryphon Minerals Ltd has announced a private placement to raise $500,000 to be used in funding exploration at its Banfora gold project in West Africa.

The full ASX announcement is below:

Gryphon Minerals Limited ("Gryphon" or the "Company") is pleased to announce that it
has arranged a private placement, to raise gross proceeds of up to approximately
A$500,000 through the issue of up to 2 million ordinary shares in the capital of the
Company at a price of A$0.25 per ordinary share. There will be one free attaching
option for every two shares with an exercise price of A$0.25, expiring on 31 December
2006. These options will not be listed on ASX.

The net proceeds of the placement will be used primarily to fund the initial phase of
exploration, including reverse circulation drilling, at the Company's Banfora Gold Project
in West Africa.

Perth based securities firm, Max Capital Pty Ltd will act as manager for the placement.
The new shares will be issued pursuant to the "excluded offer" provisions (Section 708)
of the Corporations Act. Settlement of the placement is expected to be on or about the
13th December 2005 and is subject to regulatory approval.

 

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