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Draig closes oversubscribed A$8M placement to fund Bellevue exploration

Draig Resources Ltd. said March 16 that its underwritten placement of 40 million shares at 20 Australian cents each to raise A$8 million from Australian, Asian and North American investors closed oversubscribed.

Proceeds of the placement will be used to fund exploration activities toward the release of a resource estimate at the Bellevue gold project in Western Australia and for working capital.