16/09/2014 - 16:34

King River to raise $900,000 for drilling operations

16/09/2014 - 16:34

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King River Copper has announced it would seek to raise $900,000 for further exploration of its Kimberley tenements, with phase two of its drilling expected to recommence next week.

King River to raise $900,000 for drilling operations

King River Copper has announced it would seek to raise $900,000 for further exploration of its Kimberley tenements, with phase two of its drilling expected to recommence next week.

The placement of 20 million new shares at 4.5 cents per share will be completed in two tranches.

King River will issue 13,796,004 shares to raise $620,820 in the first tranche and the remaining tranche two shares will be issued upon shareholder approval.

King River announced it would utilise the limited “dry weather drilling window” to move ahead with phase two drilling in search of high grade mineralisation, rather than wait for outstanding assays to arrive.

Phase two exploration drilling will consist of 60 drill holes at multiple locations targeting copper, gold and silver mineralisation and has been budgeted to cost $450,000.

King River shares closed at 5.2 cents per share.

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