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S2 Resources raises A$9.1M, looks to add A$3M more for exploration activities

S2 ResourcesLtd. said July 26 that it has raised A$9.1 million in a heavilyoversubscribed placement of 22.7 million new shares at 40 Australian cents pershare.

The company is also launching a share purchase plan to raiseup to A$3 million, in which shareholders may subscribe for up to A$15,000 eachat 40 cents per share.

Net proceeds from the capital raisings are earmarked forongoing exploration activities and for general corporate purposes.

Settlement of the placement will be Aug. 2.

Following the completion of the two capital raisings, thecompany's cash balance will be about A$27.5 million.