World Titanium raises $2.6m, adds directors

Mineral sands junior World Titanium Resources has raised $2.6 million and bolstered its board with two new appointments.

World Titanium said today that it had completed a placement of 20 million ordinary shares at an issue price of 13 cents per share, taking its total shares on issue to 362 million.

The company also announced the appointment of Nicholas Limb and Michael Cuthbert to its board.

Mr Limb is chairman of Melbourne-based explorer Mineral Deposits and has held a number of directorships during the past 20 years.

Mr Cuthbert was a partner at global law firm Clifford Chance for 24 years and represented both the mining industry and governments, specialising in natural resource mergers and acquisitions.

World Titanium shares were unchanged at 15 cents at 12:53PM WST.