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Primary Gold raising A$8.5M in oversubscribed placement

Primary Gold Ltd. on Feb. 2 said it is raising A$8.5 million in an oversubscribed placement, with Patersons Securities Ltd. acting as lead manager.

The company received commitments from new and existing investors for 121,428,572 ordinary common shares at 7 Australian cents each.

Primary Gold will use the proceeds to advance its Coolgardie and Mt Bundy gold projects and for general working capital.