aap - news article

Acclaim in $9.17mln capital raising to acquire gold project

PERTH, March 8 AAP - Junior explorer Acclaim Exploration NL
seeks to fund the completion of an acquisition through a $9.17
million capital raising underwritten and managed by Canada's Raptor
Capital LLC.
The raising will involve the placement of 200 million ordinary
shares at an issue price of 2.5 cents per share to raise $5
million.
It will also involve a one-for-eight pro-rata non-renouncable
rights issue, with new shares to be offered at 2.5 cents per share,
to raise about $3.17 million.
The company aims to raise a further $1 million under a share
purchase plan on terms yet to be finalised.
The funds will be used to complete the proposed acquisition of
the Mangalisa gold and uranium project in South Africa.
Acclaim last month signed a preliminary agreement with Canada's
Goldcorp Ltd to acquire an initial 33 per cent stake the project
for $US5 million ($A5.5 million) plus the issue of $US5 million
($A5.5 million) worth of shares at a price of five cents each.
Acclaim also has an option to increase its interest in the
project to 50 per cent.
It must spend at least $US5 million ($A5.5 million) on
exploration within the first 12 months to maintain its 33 per cent
stake.
Shares in Acclaim were up 0.3 cents, or 12.5 per cent, at 2.7
cents at 1204 AEDT.