Sipa ResourcesLtd. has initiated a capital raising of up to A$2.3 million to fundupcoming drilling at its Paterson North copper-gold project in Western Australiaand Akelikongo nickel sulfide discovery in Uganda, according to a July 20statement.

The company will undertake a private placement of up to13,200,000 shares at 2 cents each to raise up to A$264,000 followed by a sharepurchase plan to eligible shareholders at the same issue price.

Sipa plans to begin a maiden aircore drilling program at thePaterson North project at the start of August and will conduct further drillingat Akelikongo, part of the Kitgum-Pader project, to delineate higher grade massivesulfide zones.