(Alliance News) - Rockfire Resources PLC on Monday said it has raised GBP350,000 through a share placing to fund an expansion and resource upgrade at a Queensland, Australia gold project.
Rockfire placed 116.7 million shares at 30.00 pence each, with one warrant, priced at 1.00p apiece, attached to each share.
The proceeds will fund gold resource expansion drilling at the Plateau gold deposit, Rockfire said.
On admission, the company will have 552.6 million shares in issue.
Chief Executive David Price said: "It is pleasing to have completed this placing to provide funding for the expansion of the resource at Plateau, as well as to target an uplift in the confidence of the resource category.
"To move towards eventual monetisation of the Plateau gold deposit, the increase in confidence from the inferred category to the measured and indicated is a significant step towards achieving this goal."
Previous drilling of Plateau includes 22 metres at 1.9 grammes per tonne of gold, five metres at 7.5 grammes per tonne of gold and seven metres at 2.7 grammes per tonne of gold.
Shares in Rockfire were 1.3% higher at 0.38 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Rockfire (ROCK)