Minemakers raises $2.6m through rights issue

West Perth-based base metals explorers Minemakers Ltd has raised around $2.6 million before costs through a renounceable rights issue, planning to use the funds to speed up exploration and development of its projects.

The full text of a company announcement is pasted below

Minemakers is pleased to announce that the renounceable rights issue announced on 30 August 2007 closed on 28 September 2007 and was oversubscribed. The rights issue was strongly supported by existing shareholders, with a significant number of them applying for additional shares. The issue raised approximately $2.6 million before costs.

The net proceeds from the issue will be used to accelerate exploration and development of the Company's existing projects and for working capital.

With reference to the Appendix 3B lodged on 30 August 2007, the Company advises that allotment will take place today, with holding statements to be dispatched shortly thereafter.