Asara raises A$25m for Guinea gold exploration
Exploration and development company Asara Resources has received strong backing from Australian and overseas investors for a capital raise to fund exploration at its Kada gold project, in Guinea.
The ASX-listed company received commitments totalling A$25-million through a two-tranche placement at A$0.05 a share.
“We are delighted with the results of the placement and are pleased to welcome new investors to the share register. The strong demand from high quality institutional investors reflects the significant growth potential of the Kada gold project and demonstrates a strong vote of confidence in the Asara team and our strategy to expand our land package and our systematic and structured exploration programme aimed at significantly growing the current mineral resource at Kada,” commented CEO Matthew Sharples.
The raising, he said, would fund work at Kada for the next 12 to 18 months. Planned activities include resource extension and infill drilling at Massan, reverse circulation and auger drilling on the new Talico and Banan licences following their grant and mapping, trenching and geophysics over the entire project area, upgrades to the exploration camp, costs of the transaction and general working capital.
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