Mineral Exploration company Robust Resources Ltd
(ASX:ROL) has raised $30 million to ramp up exploration on Romang Island.
The company placed 18,181,820 new shares at a price of $1.65 a share to new and existing institutional shareholders.
Robust says the capital raising was well supported and heavily oversubscribed, attracting some of the world’s largest and most experienced resource sector institutional investors to its register.
The company says the funds will be used to acquire the remaining 25 per cent of the Romang Island project and accelerate exploration which will include doubling the number of owner-operated rigs from four to eight.
Robust says the funds will also provide the company with the flexibility to pursue additional growth opportunities.
Robust Resources posted a loss of $2.07 million for the year to June 30, 2010.
