PERTH (miningweekly.com) – ASX-listed Echo Resources has raised A$5-million through a share placement to fund exploration work at its Western Australian assets.
Some 50-million fully paid shares were made to a range of institutional and sophisticated investors at a price of 10c each, with the placement undertaken under the company’s existing capacity.
“We are delighted with the support we have received from investors which has allowed us to add a number of well-respected institutions to our register. We remain committed to our Yandal exploration strategy and are pleased with the results we have delivered so far in 2017,” said Echo CEO Simon Coxhell.
“This capital raising will allow us to continue our active exploration and successful resource and reserve development programmes.”