Southern Cross Goldfields raises $3.3m

Southern Cross Goldfields has completed a $3.3m capital raising to fund the completion of a feasibility study at its Marda gold project and exploration at the Copper Bore VMS copper-gold project.

The 2-for-5 renounceable rights issue closed yesterday with a strong take-up of 60 per cent by existing shareholders.

Patersons Securities acted as lead manager on the issue.

Both the Marda gold project and the Copper Bore VMS copper-gold project are located within the company’s tenement holding 150km north of Southern Cross in WA.

In a statement, Southern Gross Goldfields said the issue was an exceptional result considering the current volatility in global equity markets.

Southern Gross Goldfields managing director Glenn Jardine said the company was delighted with the support provided by existing corporate and retail shareholders.

The company's shares were steady at 7 cents at 9.18am WST today.