19th Nov 2015 11:16
LONDON (Alliance News) - SolGold PLC on Thursday said it has agreed to issue shares to raise funds to back its Cascabel project in Ecuador and to cover fees owed to a drilling contractor.
SolGold said it has issued 34.3 million shares at 1.50 pence per share to raise GBP513,790 in a placing with institutional and other investors. Those funds will be used to back continued exploration work at the Cascabel copper-gold porphyry project, including field and drilling work.
The company also has issued another 28.0 million shares at the same price, raising GBP420,000, to cover fees owed to its drilling contractor.
Shares in SolGold were down 1.6% to 1.50p on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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