Silver Swan raises $1.2m via placement

West Perth-based explorer Silver Swan Group Ltd today announced it has received firm commitments to raise $1.2 million via share placement to fund exploration at its suite of projects in the Meekatharra area.

A portion of the placement is to be taken by previous directors of the company or their associated entities, subject to shareholder approval. Overall the placement will see 5 million shares issued at 23 cents each.

Settlement of the placement, other than the portion requiring shareholder approval, is expected to occur on 2 July 2008.