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Sandfire raises $4.4 million

WEST Perth-based gold and base metal explorers Sandfire Resources NL has raised $4.4 million for general working capital through a share placement. The company, though Argonaut Securities, placed eight million shares at 55 cents each with institutional and sophisticated investors. Sandfire will use the money to explore its existing projects and undertake a comprehensive exploration program at its Borroloola project. The company also announced the formalisation of an agreement to purchase Borroloola tenements from Nicholas Paspaley in consideration for the grant of 5.4 million options exercisable at 60 cents on or before June 30 2007.

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