PLD raises $1m

PLD Corporation has raised over $1 million after a share placement and entitlements issue closed heavily oversubscribed.

The company completed a placement of 75 million shares at a price of 0.6 cents per share to sophisticated and professional investors, which managed to raise $450,000.

PLD then completed a non-renounceable entitlements issue of one new share for every five existing shares held by shareholders at the same offer price, which raised $578,000.

"In addition to the acceptances of the entitlements issue, the company also received a very large number of applications for shortfall shares from entitlements issue participants totalling about 200 per cent of the available shortfall," the company said in a statement. 

The company said the funds raised would be put towards its planned drilling of nickel copper sulphide targets and exploration of high grade flake graphite targets at the Rocky Gully project in the Albany Fraser belt.

PLD's share price closed 12.5 per cent lower at 0.7 cents per share.