29th Oct 2014 13:05
LONDON (Alliance News) - FinnAust Mining PLC Wednesday said it has raised GBP1.1 million before expenses in order to "rapidly accelerate" its rolling campaign which is being implemented across its three prospective Finnish projects, and is currently focused on the Hammaslahti Copper-Gold-Zinc project.
In a statement, the exploration company, which has a multi-project copper, zinc and nickel portfolio in Finland and Austria, said it placed 48.9 million new shares at 2.25 pence each with new and existing shareholders.
It largest shareholder, Western Areas Ltd subscribed for 11.1 million of the placing shares. It will have a 60.34% stake in FinnAust following the placing.
"The positive results received to date from the Hammaslahti discovery have fuelled our desire to strengthen our knowledge of the mineralisation at the asset and, as evidenced by strong market support for this placement from both new and existing investors including WSA, we are not alone in this. With these funds now secured, our drilling campaign will be accelerated and we look forward to providing consistent news flow from Hammaslahti and our other projects on the back of this, going forward," Executive Director Alastair Clayton said in a statement.
FinnAust Mining shares were down 4.8% at 2.5 pence Wednesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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