Cleveland raises A$7m for exploration
PERTH (miningweekly.com) - ASX-listed Cleveland Mining would raise some A$7-million through a share placement to institutional and sophisticated investors, to fund its exploration activities.
The miner said that it would raise A$5.5-million through a share placement and a further A$1.5-million through an underwritten share purchase plan (SPP), both priced at 25c a share.
Under the SPP, eligible shareholders would be invited to subscribe for up to A$15 000 per shareholder, on the same terms as the placement.
MD David Mendelawitz said the funds raised would allow the company to build upon its gold resource at the Premier gold mine, while also testing multiple targets thought to have significant potential for new zones of mineralisation.
“With these funds, we can accelerate our exploration programmes while we ramp-up the mine at Premier,” said Mendelawitz.
Initial exploration drilling at Premier would be conducted on a large gold-in-soil anomaly located 1 km from the mine. Drilling would also test an anomalous zone to the north of the Premier orebody, which was expected to be an overlying repetition of the Premier host geology.
At the Mara Rosa gold project, some 100 km from the Premier mine, Cleveland has identified significant potential for mineralisation similar to the Posse deposit, owned by Amarillo Gold Corporation.
Sampling and drilling programmes would now be undertaken at Mara Rosa.
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