rican Eagle Resources PLC said it has placed 53.5 mln shares at 1.95 rand each to raise 104.2 mln rands in an initial public offering on the JSE's Alternative Exchange in South Africa.
The mineral explorer and developer also said in a statement its exploration programme is now fully funded for the next two years and that it has enough capital to bring various projects to feasibility stage.
In a separate statement, the company said drilling at its Mkushi copper mines joint venture in Zambia has confirmed 'a significant potential resource with high grades of copper' over substantial widths in the L Zone, with new zones of mineralisation also defined.
African Eagle said it expects to complete the pre-feasibility study in third quarter.
The project is a joint venture with Australia's CGA Mining Ltd.
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