Metals explorer Universal Resources Ltd has raised $3.4 million through a share placement to be used for further work relating to the feasibility study on its proposed Roseby Copper project located near Mount Isa, Queensland.BBY Ltd was lead manager of the placement of 34 million ordinary shares at a price of 10 cents per share. Universal's executive chairman Peter Ingram said that the board was very pleased with the strong support for the placement from existing shareholders."The Universal business model is compelling and we believe this has been reflected in the shareholder support for the placement," said Mr Ingram. "Our plan to develop a low-cost, profitable copper-gold operation at Roseby is on track. "In addition, there has been a structural shift in China's copper needs and the global demand outlook for copper remains positive - trends which have very positive implications for us."The funds raised from the placement will be used primarily for working capital including for further work relating to the feasibility study on the proposed 8 million tonne per annum mining and processing operation anticipated to commence production by late 2007 / early 2008.
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