Hannans Reward raises $2.8m for Swedish exploration

Gold junior Hannans Reward has raised $2.8 million to fund exploration at its Pahtohavare copper-gold project in northern Sweden.

Hannans said it had completed a placement of 141 million shares priced at 2 cents each to clients of Patersons Securities, which acted as lead manager to the placement.  

The placement will be made in two tranches, with the first $2.5 milion stage issued to institutional and sophisticated investors, and the second $300,000 stage to be issued to directors and employees of Hannans Reward.

Managing director Damian Hicks said the funds would be used to advance exploration at the Pahtohavare project, which he described as an excellent prospect.

“There is high grade copper-gold ore close to surface and there is great potential to find more mineralisation close to surface and at depth,” Mr Hicks said.

“We appreciate the support from the institutions and sophisticated investors who participated in the placement and we are now funded to advance Pahtohavare through to a maiden JORC resource.”

At 12:00PM, WST, Hannans Reward shares were steady at 2.5 cents.