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Xtract Resources raises £5.5m to fund Bushranger drilling in Australia
StockMarketWire.com
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Mining company Xtract Resources said it had raised £5.5 million share issue to fund a second-phase drilling programme at its Bushranger project in Australia.
New shares in the company were being offered via a placing at 5.6p each, a 9.6% discount to their closing price on Friday.
The proceeds would fund the next stage of exploration development on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt of New South Wales.
'The phase-one drilling has been recently completed producing very good results and indicates a considerably larger mineralised system than previously envisaged by the company,' Xtract said.
'A small proportion of the funds will also be used to complete the exploration and development phase of the copper and gold mining projects in Zambia and Mozambique, and the balance to provide additional working capital.'
At 9:42am: (LON:XTR) Xtract Resources Plc share price was 0p at 1.15p
Story provided by StockMarketWire.com
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