S2 Resources raises exploration funds
PERTH (miningweekly.com) – Junior S2 Resources will raise A$5-million to fund exploration in Australia and Finland.
The ASX-listed company on Monday announced that it would place some 41.5-million shares under its existing placement capacity, at a price of 12c each. Settlement of the share placement is expected at the end of August.
Proceeds from the capital raise will be used to advance ongoing exploration work, including a broad-spaced step-out diamond drilling programme at the Aarni gold prospect, in Finland, and diamond drill testing of the Ruopas Isovaara nickel/copper/platinum electromagnetic target, also in Finland.
Funds would also go towards exploration work at the Jillewarra project, in Western Australia, where S2 is earning a 70% interest.
Following the placement, S2 would have some A$11.4-million in cash, along with a 13.5% shareholding in fellow explorer Todd River Resources.
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