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Papillon raises $53m for Fekola

West Africa-focused Papillon Resources has successfully raised $52.9 million through an institutional placement, with proceeds to fast track the development of its Fekola gold project.

The Perth-based explorer today said it would issue 39.5 million shares, subscribed to at $1.34 each, to institutional and sophisticated investors in Australia, Asia, Europe and North America.

Shares in Papillon closed down 3.5c to $1.36 today.

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