PERTH (miningweekly.com) – Gold explorer Spectrum Metals will raise A$5-million to fund exploration at its Penny West project, in Western Australia.
Spectrum will place more than 208.3-million shares at a price of 2.4c each to raise the capital, offering institutional and sophisticated buyers a 14% discount to its closing price on April 5.
The shares being placed will be issued under the company’s existing placement capacity and will not require shareholder approval.