Fund Raising Across the Board
Thursday, July 31, 2014
Placement raises more exploration funds
Horseshoe Metals (ASX: HOR) has raised a further $120,000 by way of a placement of six million new shares to sophisticated and professional investors at 2 cents per share.
This placement brings the total amount raised in the company’s recent capital raising activities to over $1.34 million.
The funds will be used to fund ongoing exploration program at its copper/gold projects in the Gascoyne region of Western Australia.
Horseshoe Metals has also been granted up to $250,000 in co-funding support from the WA State Government for deep drilling at its Kumarina and Horseshoe Lights projects.
An additional $235,000 in drilling, paid for in Horseshoe Metals’ shares in lieu of cash (which have already been issued), is to be undertaken by Whitestone Minerals by March 2015.
This brings the combined total of cash raised and third party funded drilling to $1.8 million.
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