16/05/2017 - 10:34

Musgrave raises funds for gold project

16/05/2017 - 10:34

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Perth-based Musgrave Minerals has tapped investors for $3 million to fund exploration work at its Cue gold project in the Murchison region.

Musgrave raises funds for gold project
Drilling work at Musgrave's Cue gold project in the Murchison region.

Perth-based Musgrave Minerals has tapped investors for $3 million to fund exploration work at its Cue gold project in the Murchison region.

Musgrave raised the funds through the placement of 40 million shares at 7.5 cents each, with the proceeds to be used to fund further drilling work and undertake a scoping study at Cue.

The project is 60 per cent owned by Musgrave and 40 per cent owned by Silver Lake Resources, with Musgrave holding an option to acquire a further 20 per cent stake in the project through a joint venture agreement between the two companies.

Patersons Corporate Finance acted as lead manager to the placement.

Shares in Musgrave were 10 per cent lower to 8.1 cents each at 10:30am.

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