Wedgetail raise funds to develop gold project

Perth-based potential gold miner Wedgetail Exploration nl has entered into underwriting agreements to fully underwrite receipt of $12.9 million from the exercise of the company's options.

The exercise of the options will expire on 31 December with the funds raised used to meet the company's ongoing commitments in the development of their Nullagine gold project.

This will lead to a bankable feasibility study anticipated to be finalised in the first quarter of 2006 with a view to commission a plant and commence gold production in the fourth quarter of 2006.

The underwriters are a range of institutions and investors arranged by LinQ Corporate Pty Ltd and each underwriter will be paid a commission of $0.01 per share for each option underwritten.