Overland reports successful placement

West Perth-based base metals explorer Overland Resources says it has successfully raised $11.9 million through a share placement to institutional investors.

Overland said it had received "binding commitments" to place 47.5 million shares at $0.25 per share primarily to North American institutional and sophisticated investors.

Most of the investors are clients of Paradigm Capital, the lead manager to the placement.

The funds raised will be used to develop Overland's Yukon base metals development, and for working capital, the company said.

The placement will be completed in two tranches; the first comprising 21 million shares to be settled around March 10; and the second comprising a futher 26.5 million shares, subject to shareholder approval.