Explaurum Ltd. said Feb. 15 that it completed a bookbuild for an A$8.3 million placement comprising up to 79 million shares at 10.5 cents apiece. Hartleys Ltd. and CCZ Statton Equities are acting as joint lead managers, and closing is anticipated Feb. 22.
The company will use the proceeds for exploration and development at its Tampia gold project in Western Australia, for which a feasibility study is anticipated by the end of the first quarter.
Work plans include exploration and resource drilling, soil sampling of regional targets, licencing and approvals and progressing a development finance package.
Explaurum will also use the funds for general working capital.