Mon, 19th Apr 2021 13:25
(Alliance News) - Xtract Resources PLC on Monday said it has raised GBP5.5 million to fund drilling at its Bushranger copper-gold project in Australia.
The miner with projects in Mozambique and Zambia said it issued 98.2 million shares at 5.6 pence each, a discount of about 9% to the closing price on Friday of 6.14p. Shares in Xtract were down 8.8% at 5.65p in London on Monday, giving a market capitalisation of GBP42.2 million.
The proceeds will be used to fund the next stage of exploration development on the Bushranger copper-gold exploration project in New South Wales, Australia. Phase one drilling was recently completed producing "very good results" and indicating a "considerably larger mineralised system than previously envisaged", the company said. Phase two drilling is expected to begin in July.