placement at 0.25c.... inspires confidence

Great Australian Resources to raise $3m in placement
13:11, Friday, 4 August 2006

Sydney - Friday - August 4: (RWE Aust Business News) – Great Australian Resources Ltd (ASX:GAU) will raise up to $3m with a share placement at 25c each with a Sydney-based company, Africa Pacific Capital Ltd (APC).

Under the terms APC will raise the $3m by way of an excluded offer. Investors will also receive a free attaching option with every share purchased under this placement. The options will be in the same class and terms as the current class of options, at an exercise price of 20c and an expiry date of 31st December 2008.

The company believes that such a placement price, 7c above the current trading price, is a good indication that the investors believe it has high quality exploration projects. It will be using the funds raised to further advance its exploration projects in South Africa and South East Asia.

GAU shares last traded at 18c.
ENDS

This looks good. Same insto that took the previous placement at 0.15c not than long ago.

Cheers Freakme