PERTH (miningweekly.com) – Junior Galena Mining will raise A$9-million through an oversubscribed share placement to new and existing shareholders.
Around 58-million new shares will be issued at a price of 15.5c each, with the funds used to advance the Abra lead/silver project, in Western Australia.
The funds would be used on further infill and expansion drilling, the completion of a prefeasibility study which is targeted for completion in September, as well as to advance a bankable feasibility study targeted for completion in mid-2019.
“Work under way will enhance Abra and highlight the company’s potential as a new and upcoming base metals producer,” said Galena chairperson Adrian Byass.
“With a pro forma cash position of circa A$11-million following this placement, the company is now well funded through the prefeasibility study and to advance into a feasibility study. The next 12 to 18 months are going to be an exciting period for Galena and its shareholders,” he added.