Integra to raise $31.5m for gold exploration

Nedlands-based gold explorer Integra Mining Ltd will raise $31.5 million to fund ongoing exploration on its Eastern Goldfields assets, the company has announced.

The full text of a company announcement is pasted below

The Board of Integra Mining Limited ("Integra" or the "Company") is pleased to announce completion of a placement of 70 million new shares at $0.45 per share to raise $31.5 million to fund the Company's on-going activities and growth. The placement is being made to institutional and sophisticated investor clients of Euroz Securities Limited.

The placement of the shares is subject to the Company shareholders approving the issue of shares at the Company's Annual General Meeting to be held today at 10.00am (WSST).

Funds raised from this issue will be used for:

• funding on-going exploration on the Company's properties;
• scoping and feasibility studies;
• relocation of the New Celebration Plant; and
• general working capital needs.

Commenting on the placement, Integra's Managing Director, Chris Cairns said "We are very pleased with the strong support we received for this placement and the new capital raised which will allow us to pursue our objective of becoming a domestic gold producing company with a dominant regional position in the Eastern Goldfields."