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http://www.skynews.com.au/finance/article.aspx?id=437567&articleID=1283365



Acclaim Exploration bids for project
Updated: 17:35, Monday March 8, 2010
Acclaim Exploration will seek to fund the completion of an acquisition through a $9.17 million capital raising underwritten and managed by Canada's Raptor Capital.

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 in 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.