PERTH (miningweekly.com) – ASX-listed Pioneer Resources has raised A$5.6-million through a share placement to sophisticated investors and a share purchase plan.
The company on Friday said that it had raised an initial A$4.3-million through the SPP issuing about 312.3-million shares at a price of 1.4c each.
A share placement to sophisticated investors raised a further A$1.3-million, with the company placing 75.3-million fully paid ordinary shares at 1.4c each.
Pioneer MD David Crook noted that the capital raised would fully fund Pioneer for its drilling programmes at the Dome, Mavis Lake and Golden Ridge projects, as well as initial exploration at its Kangan gold project.