Juniors raise funds

Junior gold miners Dynasty Resources and Orinoco Gold have announced plans to raise a combined $2.6 million to fund ongoing work at their respective projects.

South America-focused Orinoco has tapped investors for a $1.3 million raising through a placement priced at 25 cents a share.

The raising was supported by brokers Somers & Partners.

Orinoco is focusing on development of a small-scale mining operation at its Cascavel gold project in Brazil, where it is awaiting a mining lease to be granted this year.

Dynasty, meanwhile, announced to the market today plans to place 25 million shares at 5 cents each to raise up to $1.25 million.

The offer has been put forward to sophisticated investors and is expected to be completed within two weeks.

“Funds raised from the placement will be used to strengthen the company’s financial position to continue to pursue investment opportunities and actively look at exploration opportunities,” the company said in a statement.

Orinoco shares were 3 per cent higher to 17 cents each, while Dynasty shares were 1.8 per cent higher to 5.6 cents each at 10:20am.