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LONDON (Alliance News) - Rockfire Resources PLC on Thursday said it raised GBP405,000 via a share placing to finance an exploration campaign at its three projects in Queensland, Australia.
The stock was trading 14% higher on Thursday at 1.54 pence per share.
The exploration company said it placed 30.0 million shares at a price of 1.35p each with one warrant for every three shares subscribed for, exercisable at 2.30p each, expiring in October 2019.
Rockfire said it has raised additional funds to accelerate its exploration of all three projects in Queensland.
At Marengo, the company plans to test three holes for mineralisation, while at Copperhead deposit, a geophysical survey is planned to see if any chargeable or resistive responses are evident in the vicinity of the drilling.
At Double Event, high-grade rock samples and high-resolution ground magnetics have outlined a second target in the western part of the prospect. The company said it also plans to test the eastern area of the prospect for a potential mineralisation.
In addition, Rockfire said it appointed First Equity Ltd as a new joint-corporate broker from August 24.
"This is an important chapter in the company's rapid development of its gold and copper assets in Queensland, Australia," said Chief Executive David Price.
"And it is extremely pleasing to see such a strong level of investor support for the company's efforts to date through the oversubscribed issue of placing shares at no discount to the market price," added Price.
