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Rift Valley Resources raises A$1.5M via share placement

Rift Valley ResourcesLtd. said April 29 that it has raised A$1.5 million through a privateplacement of 60 million common shares at 2.5 Australian cents each to sophisticatedand institutional investors in Australia and the U.K.

Every two new shares will include one free attaching option,exercisable at 3.5 cents for a two-year period from the date of issuance.

The company plans to use the proceeds for exploration and administrationon its wholly owned projects in Tanzania and its 70%-owned Ozango copper project in Angola.