Prosperity wraps up $1m raising

Prosperity Resources has successfully completed a $1 million placement at prices above the company's share price.

The company said today the placement was made to the Tai Xi group, a strategic Chinese investors, and PT Dana Mitra Utama, which is the company's joint venture partner in Indonesia.

In total, 20 million shares were issued at five cents each with investors to receive one free attaching option, exercisable at 10c per share before June 2009, for each share.

The issue of options are subject to shareholder approval, with a meeting to be convened in late February.

Shares in Prosperity were unchanged at four cents at 15:37 AEDT.

Funds raised will be used to acquire metal projects in Indonesia.