26/11/2009 - 09:37

Gryphon raises $20m for Banfora project

26/11/2009 - 09:37

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Subiaco-based Gryphon Minerals will ramp up exploration work at its Banfora gold project in Burkina Faso after it today said it had raised $20 million through a share placement.

Subiaco-based Gryphon Minerals will ramp up exploration work at its Banfora gold project in Burkina Faso after it today said it had raised $20 million through a share placement.

The company said the placement was strongly supported by new and existing institutional investors including a number of UK and North American based international resource funds.

Commitments were received for the placement of 40 million shares at 50 cents each. Shares in Gryphon were down half a cent to 53.5c at 12:03 AEDT.

Euroz Securities was the lead manager with support from Blackswan Equities and Toronto's Paradigm Capital.

Part of the funds will be used for exploration work at Banfora with an aim to increase the current inferred resource of 1.1 million ounces of gold grading at 2.4 grams per tonne.

Funds will also be used to assess ongoing additional prospective land acquisition opportunities within West Africa and working capital.

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