Silver Swan to raise $5m

Perth-based Silver Swan Group says it has received firm commitments to raise $5.1 million, which will be applied towards explroation activities across its Western Australian projects.

The company plans to raise the capital through a share placement of 10.2 million shares priced at 50 cents each.

Shares in Silver Swan closed up 2.5 cents at 53c today.

Silver Swan said today the placement, which was oversubscribed, was managed by Blackswan Equities.

Proceeds of the placement will go towards ongoing exploration activities at the Bourkes Find polymetallic project, the Copper Hills copper-gold project and the Quinns massive sulphides project in the Meekatharra area.