Precious metals company Platina Resources Ltd
(ASX:PGM) has raised $6.8 million through a rights issues and placement to Carling Capital with the funds to go towards accelerating its Greenland Australia work program.
The company raised $5.5 million via a rights issue at an offer price of 25 cents a share, and a $1.3 million placement to strategic investors Carling Capital Partners and three Hong Kong investors.
Platina says the proceeds will be used to accelerate exploration and evaluation of its activities across its portfolio of advanced gold and platinum group metals assets in Greenland and Australia.
Funds will be used to underpin completion of a pre-feasibility study at Platina’s world class Skaergaard Gold-PGM Project in Greenland and a scoping study at the Munni Munni PGM Project in Western Australia.
Platina Resources posted a loss for the 2009 financial year.
