Transit Holdings raise $2m for exploration
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West Perth-based Transit Holdings Ltd has completed a placement to raise $2 million to sophisticated investors for exploration for haematite mineralisation and working capital.
Under the placement, the company will issue 4 million shares at $0.50 each, which are expected to allot on Friday, January 18, 2008.
The company's maiden drilling programme commenced on Friday, January 11, 2008.
This 4,000m RC drilling programme has been designed to test the Muldoon and Bolger prospects to an average depth of approximately 80m to 100m. Initial results are expected late this quarter.
Transit is focusing on the Marda-Diemals greenstone belt, north of Southern Cross in Western Australia.
The area contains a number of iron ore mines owned and operated by Portman Limited which is currently exporting 8 million tones per annum of direct shipping haematite ore from the area.
Transit's mineral exploration projects are prospective for iron ore, gold and base metal mineralisation.
Bell Potter Securities was sole lead manager of the placement.