Vango raises $5m

Sydney-based Vango Mining has announced a $5.1 million capital raising to fund exploration at its Plutonic Dome gold project in Western Australia's Mid West.

Under the placement, Vango has issued 28.3 million shares at 18 cents each, with DJ Carmichael acting as lead manager and corporate adviser.

The company has also issued 14.2 million options, which are exercisable at 27 cents each with a two-year expiry date.

In a statement to the ASX, Vango said funds raised would be used for planned exploration and development at the company’s Plutonic Dome project.

The company recently appointed Como Engineers to undertake a scoping study into a gold mining and processing operation at the project.

Shares in Vango were off 16.67 per cent at 20 cents each at 12pm AEDT.