I reckon it is more like lining their mates pockets with cheap...

I reckon it is more like lining their mates pockets with cheap shares.....another absolute fu$%ing disgrace...the quicker ASIC get the mothers the better.....bunch of shonky crooks.

JUNIOR explorer Reefton Mining plans to raise $A1.7 million to top up its cash reserves to about $A4.2 million as the company embarks on a $A1 million exploration campaign at its Skeleton Coast project in Namibia and continues to assess a number of acquisition opportunities.



Reefton diamond joint venture, Skeleton Coast, Nambia.

Reefton chairman Bradley Moore told MiningNews.net the company has visited a mineral sands project on Sri Lanka's west coast and was currently evaluating its options.

Moore said the company was also looking at a number of projects across Africa – including in Mali, Tanzania and Malawi – where he said there were many opportunities in a range of commodities.

Meanwhile, the ASIC investigation into the activities of a number of the company's employees and former employees that began in September last year is ongoing, according to Moore.

Representatives of ASIC and the Australian Federal Police raided Reefton's offices and the homes of a number of employees and former employees in relation to breaches of the Corporations Act.

Moore said he was unsure as to when the investigation would be complete but insisted the company continues to assist the authorities with their inquiries.

Reefton's $A1.7 million capital raising – 68 million shares and 2.5c per share plus a one-for-one free attaching option exercisable in 2009 – has been underwritten by SA Capital.

Moore said the money would be used to provide working capital and contribute to a $A1 million exploration-drilling campaign at the company's mineral sands-diamond play in Namibia.

Shares in Reefton closed down 0.3c (10.34%) at 2.6c, an all-time low. The company's share price peaked at 17.5c in March last year.