13/12/2007 - 15:42

Navigator and CityView complete share placements

13/12/2007 - 15:42

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Emerging mining and exploration players Navigator Resources Ltd and CityView Corporation Ltd have successfully completed share placements to raise $5 million and $10 million, respectively.

Emerging mining and exploration players Navigator Resources Ltd and CityView Corporation Ltd have successfully completed share placements to raise $5 million and $10 million, respectively.

Navigator has agreed to place a total of six million shares at 84 cents per share to institutional investors and sophisticated investors, raising approximately $5 million in new capital.

The funds raised under the placement will be used to increase the rate of drilling and resource expansion
at Leonora, for feasibility studies aimed at bringing the Leonora gold resources into production as rapidly
as possible, and for working capital.

The West Perth-based Navigator said it was pleased to welcome to the register the Sydney-based Taurus Resources Fund of which respected senior mining industry executive Gordon Galt is a principal.

Taurus will be subscribing for approximately 4.5 million shares in the placement and has indicated its desire to increase its shareholding over time as the Leonora project progresses through its resource definition, feasibility study and development phases.

The balance of the shares has been placed with longstanding supporters of the company.

Perth-based CityView Corporation Ltd has successfully completed the placement of 41.71 million ordinary shares at 24 cents per share to raise $10 million.

Intersuisse Corporate Pty Ltd acted as a manager to the placement, with participation from local and overseas sophisticated and other investors.

The company will primarily utilise the funds raised through the placement to finalise its oil projects in Angola and Cameroon and increase its holding in Fortitude Minerals Ltd.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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