Paramount Mining raises $487,000 for exploration

Perth-based diamond explorer Paramount Mining Corporation Ltd has raised $487,000 through a placement to fund exploration activities and bolster working capital, the company has announced.

The full text of a company announcement is pasted below

The Company wishes to advise that the share placement announced on 20 September 2007 has been completed in full and the shares issued.

The placement raised $487,000 by way of an issue of 9,740,000 fully paid shares at an issue price of 5.0 cents per share.

Funds raised by the placement will be applied towards the company's ongoing exploration activities and for working capital purposes.

The capital raising was undertaken with the assistance of Asandas (Australian Stockbroking and Advisory Services Ltd).