Spectrum raises $5m

Spectrum Metals has received firm commitments from investors to raise $5 million via a share place, with the funds set to go towards the company’s Penny West gold project in Western Australia's Mid West.

The shares were issued at 24 cents each, a 14 per cent discount to its 15-day volume-weighted average price of 28 cents.

In a statement, the company said the funds raised would assist with planned exploration programs at the Penny West project and for working capital.

Spectrum purchased Penny West from two private vendors in October.

Managing director Paul Adams said the company was pleased with the support from institutional and sophisticated investors, which demonstrates the interest in the Penny West project.

“The fund raising comes at an opportune time as we continue with our aggressive exploration program,” he said.

Shares in Spectrum were down 3.57 per cent to trade at 2.7 cents each 12pm AEDT.