Nedlands-based explorer Integra Mining has confirmed it has raised $40 million, which will partly be used for the development of its Randalls gold project in the Goldfields.
The announcement is below:
The Board of Integra Mining Limited ("Integra") is pleased to announce the placement of 160 million shares at 25 cents each to raise gross proceeds of approximately $40 million. The placement was managed by Blackwood Capital Limited and the shares placed to institutional and sophisticated investor clients of Blackwood Capital Limited.
The placement will be made in two tranches. Tranche one will comprise 63.9 million shares utilising the Company's 15% capacity under the ASX Listing Rules. Tranche two will comprise 96.1 million shares, subject to shareholder approval at the Annual General Meeting (AGM) expected to be held on 18 November 2009. The Company will shortly lodge and dispatch to shareholders a notice for the AGM.
Funds raised from this issue will be used for:
Randalls Gold Project Development and associated programmes;
Aldiss-Randalls Project exploration including:
- Reconnaissance exploration
- Mineral Resource definition drilling of gold mineralisation currently not included in Integra's Mineral Resources statement, and,
- Mineral Resource upgrade drilling;
Working Capital.
