At 6 cents, no wonder that 600k lobbed at 7 cents.
HIGHLIGHTS ?? Placement to raise $1.65m ?? Immediate funding for Botswana drilling secured ?? JORC classified resource targeted in 2011 Nimrodel Resources Limited (ASX: NMR) is pleased to announce a capital raising of $1.65M. The Company appointed Pareto Capital Limited as Lead Manager to the capital raising and will issue 27.5M shares to sophisticated and professional investors at an issue price of $0.06, raising $1.65M before costs. These funds will assist the Company in meeting its 2011 exploration targets primarily focused on the development of a JORC classified resource at the Takatokwane Project in Botswana as well as preliminary exploration at the Lindi Project in Tanzania and the Buckaroo and Specimen Reef Projects in Australia. We are currently engaged in a 2,130m drilling program at Takatokwane and it is our intention to define a JORC classified resource before the end of 2011. The Company secured the diamond drill rig for the Takatokwane Project earlier than anticipated and the initial 2,130m drilling program is well underway. The Company has already completed one hole, the details of which were released to the market on 19th April 2011. The results from the first hole were highly encouraging and bore a strong correlation to previous available data, confirming shallow well defined coal seams. Damian Delaney commented: ??We are focused on our 2011 exploration targets and have the necessary resources to achieve them.??
NMR Price at posting:
6.7¢ Sentiment: Hold Disclosure: Held
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