Perth-based metals explorer View Resources Ltd has completed its $30 million capital raising, ahead of a production ramp-up at its Bronzewing Gold project and recommissioning of the Carnilya Hill Nickel project.
The full text of a company announcement is pasted below
View Resources Ltd (ASX: VRE) is pleased to announce the closure of the Retail Offer as part of the recent $30M placement. The Company put aside 10 million shares for retail buyers, which has been fully subscribed.
This successfully completes View's $30 million capital raising by the placement of 75M shares at 40 cents. Final approval was received at a General Meeting of the Shareholders held on 6th August 2007.
View's Managing Director Tim Gooch stated "the success of the current $30 million capital raising has been largely due to the strong support of View's major shareholders, the IMC Group (which has increased its shareholding to 18.8%) and Lion Selection Ltd who have maintained their position within the Company. These shareholders are continuing to back View as it drives towards its strategic goal of becoming a mid-tier mining house. The Company is grateful to them and our wider shareholder base for the continued support."
View is currently ramping up production at its Bronzewing Gold Project as well as recommissioning the Carnilya Hill Nickel Project. Both mines are forecast to be cash positive in the first half of 2008, which will underpin the Company's future growth prospects.
Views exploration at Bronzewing resumes this month as the Company follows up more regional targets in its balanced program of resource upgrade and greenfields exploration. View has long felt that the opportunity exists for more major discoveries on its 1,000km tenement holdings and has developed a number of targets, through its extensive data base, on-going work and the recent SRK regional structural review.
