Siburan seeks $3m raising

Perth-based explorer Siburan Resources will seek to raise $3 million to progress its ongoing exploration activities at the Kirwan tungsten project New Zealand.

Siburan will issue 60 million fully paid ordinary shares at $0.05 per share over three tranches, subject to shareholder approval at an extraordinary general meeting in November.

Siburan holds tenements along the flanks of Kirwan Hill, an area prospective for tungsten and gold in the south island of New Zealand.

The company has also completed exploration works at its Mt Pleasant gold project northwest of Kalgoorlie.

Siburan launched an initial public offering and listed on the ASX in 2010.