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Pioneer Resources raises a total of A$4.8M for drilling

Pioneer ResourcesLtd. said July 22 that it has now raised a total of A$4.8 million, whichwill go toward drilling at its MavisLake and Raleighlithium projects in Ontario, as well as at its Pioneer Dome nickel property in Western Australia.

In June, the company launched a share purchase plan to raisea further A$2.5 million after completinga placement to raise A$3.2 million.

Pioneer Resources has now raised gross proceeds of A$1.5 millionunder the share purchase plan, with the issuance of about 42.2 million shares pricedat 3.6 cents apiece. Subject to shareholder approval, the company will also issue14.1 million options on a 1-for-3 basis, exercisable at 6 cents apiece before July31, 2018.

Drilling is slated to begin in September, subject to approvals.