- Minerals explorer 3D Resources (DDD) receives firm commitments to raise $500,000 via a share placement
- The funds will be raised through the issue of 250 million fully-paid ordinary shares to sophisticated and professional investors at a price of 0.2 cents
- 3D Resources will use the money to finalise the upgrade of its initial scoping study at the Adelong gold project which confirmed an attractive commercial project
- The money will also go towards expanding exploration activities and recommissioning the existing gold mine and processing plant at Adelong
- Shares in 3D Resources have been trading steady at 0.3 cents since June 1
Minerals explorer 3D Resources (DDD) has received firm commitments to raise $500,000 via a share placement.
The funds will be raised through the issue of 250 million fully-paid ordinary shares to sophisticated and professional investors at a price of 0.2 cents.
3D Resources will use the money to finalise the upgrade of its initial scoping study at the Adelong gold project in New South Wales.
Despite mining only around 40 per cent of the current JORC resources at Adelong, the scoping study demonstrated an attractive commercial project.
The money will also go towards expanding exploration activities and recommissioning the existing gold mine and processing plant at Adelong.
3D Resources hopes to add further resources and reopen the existing gold mine and processing plant while also expanding and restructuring the management team.
“We are pleased to complete this placement which will allow the company to finalise the first phase of the program at Adelong, which has successfully established a viable gold project,” Managing Director Peter Mitchell said.
“Now that the company has demonstrated the project’s viability, it will pursue an expansion of management and personnel, streamline its corporate structure to focus on the potentially highly profitable Adelong gold project and other regional opportunities.”
Shares in 3D Resources have been trading steady at 0.3 cents since June 1.