06/06/2008 - 15:34

Reed in $12m capital raising

06/06/2008 - 15:34

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West Perth-based metals explorer Reed Resources Ltd has received confirmed commitments to a capital raising that will fast track its Barrambie vanadium project.

Reed in $12m capital raising

West Perth-based metals explorer Reed Resources Ltd has received confirmed commitments to a capital raising that will fast track its Barrambie vanadium project.

The capital raising of A$12 million is via a placement of 13.33 Million shares at A$0.90 per share.

The placement was arranged by Transocean Securities Pty Ltd and Patersons Securities Ltd.

The company is pleased to report that the placement was overwhelmingly supported by major International Institutions.

The syndicate will look to assist Reed in the advancement of the Barrambie project including investigating a number of strategies related to the financing and further development of the project.

Reed's Managing Director, Chris Reed said: "I am delighted with the strong institutional support received at a time when the Company is looking to continue the fast tracking of the development of its flagship Barrambie Vanadium deposit."

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