Olympia closes $3.2m entitlements issue

South Perth-based Olympia Resources Ltd will close its entitlements issue today, aiming to raise $3.2 million for exploration of three mineral sands tenements in Western Australia, Kalimantan and the Northern Territory.

The company, which issued two new shares at 10 cents and one free option exerciseable at 20 cents for every seven shares held, will issue 32.3 million shares and 16.1 million options under the offer.

Olympia's three core projects are proceeding towards production in 2007 and 2008. Feasibility studies have been completed for all three projects.

The company also plans to commence exploration for uranium, after confirming the potential for the resource in the Harts Range tenements in the Northern Territory.

HLB Mann Judd will act as auditor to the company, while legal services are provided by Pullinger Readhead Lucas.

The offer is fully underwritten by Patersons Securities Ltd.