By Michael Susin
Mila Resources has raised 2 million pounds ($2.4 million) through a conditional placing to conduct further gold exploration work alongside Liontown Resources’ lithium project in Australia.
The London-listed gold-explorer said Monday that it has placed 200 million new shares at a price of 1 pence a share. This represents a 5% premium to Friday’s closing price of 0.95 pence a share before the announcement.
The placing shares will have one warrant attached with an exercise price of 2 pence for a period of two years.
The company said proceeds will be used to conduct further gold exploration work alongside Liontown’s lithium project in the northern part of the Kathleen Valley license area.
“By capitalizing on work permits and heritage surveys that the company expects to be granted in the near future, drilling costs will be significantly reduced,” it said.
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