Rey Resources Ltd.said April 5 that its A$3.7 million1-for-3 rights issue closed with 92.5% of the offered shares subscribed for, raisingA$3.4 million.

Applications were received for 141,692,231 shares and a further87,804,814 shares were applied for as additional shortfall. The remaining shortfallof 18,598,424 shares may be placed at not less than the issue price of 1.5 centsbefore June 30.

Funds raised will be used for future investment opportunities,repay shareholder loans and general working capital, said Managing Director KevinWilson.