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Bligh names future CEO/managing director, to raise A$1.7M

BlighResources Ltd. said July 22 that it has appointed Gino Vitale asnonexecutive director, effective immediately.

Vitale will also become the company's CEO and managing directorupon completion of the second tranche of a A$1.7 million share placement andshare purchase plan.

The two-tranche placement of about 57.9million ordinary shares will raise A$1.5 million, while a share purchase planwill raise a further A$250,000.  Both issues will be at 2.5 cents pershare.

The first tranche of the placement comprises 7.9 millionshares to raise about A$200,000 and is expected to settle June 25. The secondtranche of 50 million shares is subject to shareholder approval with a generalmeeting of shareholders to be held in early September.

Shares under the share purchase plan will be offered at theclose of business July 21.

Funds from the capital raising, which is fully underwrittenby Somers & Partners Pty. Ltd., will be used to accelerate explorationopportunities close to the Bundarra gold project in Western Australia and toidentify regional growth opportunities for Bligh.