PERTH (miningweekly.com) – Junior Silver Mines has raised A$3-million through a share placement to institutional and sophisticated investors.
The placement was priced at 5c a share, with the shares issued under the company’s existing placement capacity.
The ASX-listed Silver Mines on Friday said that the funds raised will be used to finance exploration work at its Barabolar project, in New South Wales, the completion of an environmental impact statement at the Bowdens silver project, and for general working capital.
A 2 800 m drilling programme is scheduled to start next week at the Cringle gold prospect, at the Barabolar project, with two other anomalies to the north also being mapped out and sampled.