LinQ acquires 5.7% of Redbank Mines

West Perth-based LinQ Resource Fund has acquired a 5.7 per cent interest in Perth-based mineral explorer Redbank Mines Ltd after participating in an excluded offer by the company to raise $1.2 million.

The full text of a Redbank Mines announcement is pasted below

Specialist mining and resources fund LinQ Resource Fund(1) has acquired a 5.7% interest in the Company (7,500,000 shares) through participation in an excluded offer of 10,626,000 shares made by the Company to raise $1.2 million before issue costs. Other parties to participate in the placement comprised sophisticated and institutional investors. The proceeds from the issue will be used to increase working capital.

The issue price was 11.5 cents per share, a 12% discount to yesterday's (24 July 2007) ASX volume weighted average trading price.