Talga Gold has announced a $2.3 million capital raising plan to continue development at its suite of graphite, iron ore and gold projects.
The Perth-based miner today launched a share placement to institutional investors, priced at 32.5 cents per share.
Managing director Mark Thompson said the placement was well supported by existing shareholders.
The placement was lead managed by Ord Minnett.
“The investment interest focuses on our 100 per cent owned graphite projects, that are renowned as being among the highest grade and advanced graphite deposits in the world,” Mr Thompson said.
“Together with the iron ore and gold/copper assets Talga now looks to become a resource developer.”
Mr Thompson said the funds would be primarily used for resource upgrade drilling at the company’s Nunascaara and Raitajarvi graphite projects in northern Sweden and the Masugnsbyn iron ore project, also in Sweden.
Talga Gold stocks last traded at 3 cents.