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St Barbara acquiring 10% stake in ABM Resources

ABM Resources NL said March 13 that it received binding commitments for a private placement of 60,443,531 common ABM shares at 10 Australian cents apiece, raising about A$6 million for the company.

Among the committed participants is St Barbara Ltd., which will subscribe for A$4.4 million of ABM shares, equivalent to a 10% stake in the company. The financing will be completed in one tranche, and the shares are expected to be issued on or around March 16.

Proceeds will help ABM with its plan to conduct aggressive exploration programs this year as it continues to focus on developing its Tanami gold project in Australia's Northern Territory, where a 9,500-meter aircore program is slated to start this quarter. ABM will also drill multiple high-priority targets at its Bluebush and Suplejack gold projects in the same territory, and its partners are planning extensive exploration activities at the Lake Mackay and North Arunta gold projects.