Aphrodite Gold (ASX:AQQ) is raising $738,000 through a fully...

Aphrodite Gold (ASX:AQQ) is raising $738,000 through a fully underwritten rights issue to fund exploration and feasibility activities at its Aphrodite Project near Kalgoorlie, Western Australia.

The three for seven renounceable rights issue priced at $0.007 per share is fully underwritten by R.M.S. (Aust) Pty Ltd, a company owned by executive chairman Peter Buttigieg.

This represents a 22.2% discount to the closing price of Aphrodite shares on 12th March 2015.

Aphrodite is working to increase and improve its 1.4 million ounce gold resource which remains open to further exploration.

Deep drilling and undertaking additional metallurgical test work to substantially increase the resource at the Aphrodite Gold Deposit is the focus of the company’s immediate future activities.

The company has nearby processing facilities technically capable of processing the gold resources, which are well located close to infrastructure and services in Kalgoorlie just 65 kilometres to the south.

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