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Mineral Resources takes 10.8% stake in Barra Resources

Mineral Resources Ltd. became Barra Resources Ltd.'s second largest shareholder, now holding a 10.8% stake in the company following a placement of shares.

Barra Resources said Sept. 10 that Mineral Resources injected a A$2 million placement of shares at a five-day volume weighted average price of 3.5 cents per share.

Barra Resources will use the funds from the placement to to complete the prefeasibility study on the Mt Thirsty cobalt-nickel property, continue its systematic gold exploration programs at its Coolgardie gold mine and for general working capital.

A total of 57,142,857 fully paid ordinary shares will be issued under the placement.