SPP Closes with Strong Demand
Southern Gold Limited ("Southern Gold" "the Company") (ASX:SAU) is pleased to announce that in addition to the recently advised placement to raise $3 million, Southern Gold has raised an additional $1.18 million through a successful share purchase plan ("SPP") which closed 3 December 2010.
Following completion of the $3 million placement ($1,169,600 of which remain subject to shareholder approval) and the SPP, Southern Gold will have cash on hand of approximately $5 million to continue exploration work at the Bulong South Project, where drilling is underway and it has recently defined a JORC resource of 79,200oz @ 3.1g/t gold, and to progress exploration across the Company's other project areas. Initial results from the current drilling programme are expected later this month.
In total 17,485,290 shares were allotted and issued today as a result of the SPP. The expected date for quotation of these shares is 14 December 2010 and the despatch date for holding statements is 16 December 2010.
Southern Gold's Managing Director, Ms Nanette Anderson, said: "We are very pleased with the significant level of support of the SPP from our shareholders. The proceeds from the SPP will assist Southern Gold in pursuing its very active exploration and drilling programmes in 2010/2011."
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