11/10/2013 - 07:49

Tawana gains on capital raising plan

11/10/2013 - 07:49

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Shares in Tawana Resources have soared on the back of news the junior miner plans to raise $2.9 million through a share placement.

Tawana gains on capital raising plan

Shares in Tawana Resources have soared on the back of news the junior miner plans to raise $2.9 million through a share placement.

At 7:45AM WST, Tawana shares were trading more than 53 per cent higher at 2 cents.

Tawana will place around 244 million shares to institutional and sophisticated investors at an issue price of 1.2 cents per share.

Executive chairman Wayne Richards will seek shareholder approval to participate in the capital raising to purchase 5 million shares under the same terms as the placement.

The funds will be used to advance further drilling at Tawana's Mofe Creek iron ore project in Liberia. 

Canaccord Genuity (Australia) acted as lead manager to the placement.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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