Mandrake raises exploration funding
PERTH (miningweekly.com) – Junior Mandrake Resources will raise A$12-million in a share placement to institutional and sophisticated investors to fund an accelerated exploration drive at its Western Australian assets.
The company on Friday reported that it would place 60-million shares, at a price of 20c each under the company’s existing placement capacity, meaning it would not require shareholder approval.
Mandrake told shareholders that the placement would provide the company with the resources to facilitate a drilling programme and the broader geological and geophysical assessment of the Newleyine platinum group metals/nickel/copper target in Western Australia, where drilling is scheduled to start next week.
The company would also undertake further work at the prospects identified by recent geological mapping and sampling across its entire Jimperding project, while also conducting further reverse circulation drilling at its Berinka gold/silver/copper project in the Northern Territory.
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