Spectrum raises A$7m for exploration
PERTH (miningweekly.com) – Gold explorer Spectrum Metals will raise A$7.25-million to fund exploration work at its Penny West and Penny North gold project, in Western Australia.
The company on Thursday said that it had received firm commitments from institutional and sophisticated investors for the placement of 116-million shares, at an issue price of 6.25c each.
The share placement will be conducted under Spectrum’s existing placement capacity and will not require shareholder approval.
“We are very pleased with the support shown from investors and are looking forward to expediting an expanded exploration programme at Penny West and Penny North, and generating strong newsflow,” said Spectrum MD Paul Adams.
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